Question

In how many years shall Rs. 4800 invested at rate of 15% be Rs. 7680?

1. 4 Years
2. 5 Years
3. 2 Years
4. 6 Years

Answer 1

Correct Answer - Option 1 : 4 Years

Given:

A = Rs. 7680

P = Rs. 4800

R = 15%

Formula used:

I = P × R × N/ 100

A = P + I

Where, P = Principal amount, R = Rate of interest, N = number of years and I = Simple interest

Calculation:

I = 7680 – 4800

⇒ I = Rs. 2880

⇒ 2880 = 4800 × 15 × N/ 100

⇒ N = 60/ 15

⇒ N = 4

∴ N = 4 years