13 Views

Question : Sunita invested INR 12,000 on simple interest at the rate of 10% p.a. to obtain a total amount of INR 20,400 after a certain period. For how many years did she invest to obtain the above amount?

Option 1: 8

Option 2: 9

Option 3: 6

Option 4: 7


Team Careers360 10th Jan, 2024
Answer (1)
Team Careers360 15th Jan, 2024

Correct Answer: 7


Solution : Total amount = INR 20,400
Principal sum, $P$ = INR 12,000
Rate, $R$ = 10%
Let $n$ be the time.
Simple interest, SI = 20400 – 12000 = 8400
⇒ SI = $\frac{PnR}{100}$
⇒ $8400 = \frac{12000 × n × 10}{100}$
⇒ $n = \frac{840000}{120000} = 7$
Hence, the correct answer is 7.

Know More About

Related Questions

Amity Online MBA
Apply
Apply for an Online MBA from Amity Online.
Manipal Online M.Com Admissions
Apply
Apply for Online M.Com from Manipal University
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books