Question
Download Solution PDFFind the duration (in years) in which ₹1,200 will amount to ₹2,280 at a rate of 4% per annum simple interest.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹1,200
Amount (A) = ₹2,280
Rate (r) = 4% per annum
Formula used:
Simple Interest (SI) = P × r × t / 100
⇒ SI = A - P
Calculations:
SI = A - P
⇒ SI = ₹2,280 - ₹1,200 = ₹1,080
Using SI = P × r × t / 100:
⇒ ₹1,080 = ₹1,200 × 4 × t / 100
⇒ ₹1,080 = ₹48 × t
⇒ t = 22.5 years
∴ The correct answer is option (4).
Last updated on Jul 19, 2025
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