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Krupal invested Rs. 7500 at 12% rate of simple interest per annum. After how many years will he receive amount of Rs. 10,200 from the investment made?
1. 2.5 years
2. 2 years
3. 3 years
4. 4 years

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Correct Answer - Option 3 : 3 years

Given:

P = Rs. 7500

R = 12%

A = Rs. 10,200

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:

Here, A = Rs. 10,200 P = Rs. 7500

⇒ I = 10200 – 7500

⇒ I = 2700

⇒ 2700 = 7500 × 12 × N/ 100

⇒ N = 2700 × 100/ (7500 × 12)

⇒ N = 3

∴ After 3 years given sum of money will give Rs. 10,200 as amount

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