1.

In how much time will a sum of ₹ 24 become ₹ 56 at 16% simple interest per annum?1. 6 years 11 months2. 8 years 4 months3. 7 years 8 months4. 6 years 5 months

Answer» Correct Answer - Option 2 : 8 years 4 months

Given-

Principal = 24

Amount = 56

Rate = 16%

Concept Used-

Interest = Amount - Principal

Interest = Principal × Rate × Time/100

Calculation- 

Interest = 56 - 24 

⇒ 32

According to Question -

Interest = Principal × Rate × Time/100

⇒ 32 = 24 × 16 × Time/100

⇒ Time = 25/3 years

∴ Required time = 8 years 4 months



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