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in Simple Interest by (239k points)
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In how many months shall Rs. 3600 invested at the rate of 15% simple interest per annum, amount to Rs. 4500?


1. 9 months
2. 15 months
3. 20 months
4. 16 months

1 Answer

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Best answer
Correct Answer - Option 3 : 20 months

Given:

Principal, P = Rs. 3600

Rate, R = 15%

Amount, A = Rs. 4500

Formula used:

Simple interest = (P × R × T)/100

Simple Interest = Amount – Principal

Calculation: 

Simple Interest = Amount – Principal

⇒ S.I = 4500 – 3600 = 900

Simple interest = (P × R × T)/100

⇒ 900 = (3600 × 15 × T)/100

⇒ 900 = 540T

⇒ T = 900/540

⇒ T = (5/3) × 12 months

⇒ T = 20 months

∴ The required time is 20 months.

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