Question : What should be the least number of years in which the Simple Interest on Rs. 2600 at $6\frac{2}{3}$% will be an exact number of rupees?
Option 1: 3
Option 2: 2
Option 3: 5
Option 4: 4
Correct Answer: 3
Solution :
Use the formula below,
Simple Interest = $\frac{\text{Principal×Rate×Time}}{100}$
Let the number of years be $x$.
Simple Interest on Rs. 2600 at the Rate of $6\frac{2}{3}$% interest is,
= $\frac{2600×\frac{20}{3}×x}{100}$
= $\frac{520x}{3}$
= $x$ should be 3, 6, 9..... for the exact number.
So, the least value will be 3.
Hence, the correct answer is 3.
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