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In how many years shall Rs. 2,400 invested at the rate of 12.5% simple interest per annum, amounts to Rs. 3,900?
1. 3.5 years
2. 6 years
3. 5 years
4. 5.5 years

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Correct Answer - Option 3 : 5 years

Given:

Principle = Rs. 2,400

Rate = 12.5%

Amount = Rs. 3,900

Formula Used:

Interest = Amount – Principle 

Simple Interest = (P × T × R)/100

where,

'P' is principle

'T' is time 

'R' is rate 

Calculation:

Interest = Amount – Principle

⇒ Interest = 3900 – 2400

⇒ Interest = 1,500

Simple Interest = (P × T × R)/100

⇒ 1,500 = (2400 × T × 12.5)/100

⇒ 1,500 = (2400 × T)/8

⇒ T = 1500/300

⇒ T = 5 years

∴ Time required is 5 years.

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