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