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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 |
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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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