. In how many years will a sum of Rs.9,500 amount to Rs.11,780 at the rate of 8% per annum at simple interest?
This questions was previously asked in
Combined Graduate Level Examination Tier I 2023
Explanation:
To determine how many years it will take for a sum of Rs. 9,500 to become Rs. 11,780 at an 8% simple interest rate, first compute the total interest needed and then use the simple interest formula.
- Calculate total interest:
- Final Amount = Principal + Interest
- Rs. 11,780 = Rs. 9,500 + Interest
- Interest = Rs. 11,780 - Rs. 9,500 = Rs. 2,280.
- Calculate the number of years (n) using the simple interest formula:
- Simple Interest (SI) = (Principal × Rate × Time) / 100
- 2,280 = (9,500 × 8 × n) / 100
- n = (2,280 × 100) / (9,500 × 8)
- n = 3.
- Hence, the correct option is Option:1 - 3.
- So, the time taken for Rs. 9,500 to amount to Rs. 11,780 at 8% per annum is 3 years.
By: Parvesh Mehta ProfileResourcesReport error