Question

In how many years shall Rs. 3,500 invested at the rate of 10% simple interest per annum, amount to Rs. 4,500?
1. \(2\frac {4}{7}\) years
2. \(2\frac {3}{7}\) years
3. \(2\frac {6}{7}\) years
4. \(2\frac {5}{7}\)years

Answer 1

Correct Answer - Option 3 : \(2\frac {6}{7}\) years

Given:

Principal = Rs. 3500

Amount = Rs. 4500

Rate of interest = 10% p.a

Formula:

SI = Prt/100

Calculation:

SI = Rs. 4500 - Rs. 3500

SI = Rs. 1000

According to the formula:

1000 = (3500 × 10 × t)/100

⇒ t = 1000/350

⇒ t = \(2\frac {6}{7}\) years

∴ In \(2\frac {6}{7}\) years Rs. 3,500 invested at the rate of 10% simple interest per annum, shall amount to Rs. 4,500.