Question 54

In how many years will a sum of $$₹ 5,000$$ yield a simple interest of $$₹ 2,000$$ at an interest rate of 10% p.a.?

Solution

Given,

Principal Amount (P) = $$₹ 5,000$$

Rate of interest (R) = 10% p.a

Let Time required = T

Simple Interest (I) = $$₹ 2,000$$

$$=$$> $$\frac{PTR}{100}=2000$$

$$=$$> $$\frac{5000\times T\times10}{100}=2000$$

$$=$$> $$T=4$$ years

Hence, the correct answer is Option D

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