In how many years, ₹150 will produce the same interest @ 8% as ₹800 produce in 3 years at the rate of 4.5%?
Answer & explanation
Correct answer: option 2
Interest ₹800 produce in 3 years at the rate of 4.5% = (800 × 3 × 4.5) /100 = 108
So, 108 = Interest produced by 150 at 8% for n no. of years.
108 = (150 × n × 8) /100
n = 9 years