In what time will a sum of Rs. 10,200 yield Rs. 13,005 as simple interest at the rate of 17% per annum?
- A7 years 6 months
- B7 years 3 months
- C7 years 9 months
- D8 years
Solution & Step-by-step Explanation
Given data:
Principal (P) = Rs. 10,200
Simple Interest (SI) = Rs. 13,005
Rate (R) = 17% p.a.
Formula for Simple Interest:
SI=
100
P×R×T
13005=
100
10200×17×T
13005=102×17×T
13005=1734×T
T=
1734
13005
Dividing both numerator and denominator by 17:
T=
102
765
Dividing by 51:
T=
2
15
=7.5 years
7.5 years=7 years+0.5 years=7 years and 6 months.
Principal (P) = Rs. 10,200
Simple Interest (SI) = Rs. 13,005
Rate (R) = 17% p.a.
Formula for Simple Interest:
SI=
100
P×R×T
13005=
100
10200×17×T
13005=102×17×T
13005=1734×T
T=
1734
13005
Dividing both numerator and denominator by 17:
T=
102
765
Dividing by 51:
T=
2
15
=7.5 years
7.5 years=7 years+0.5 years=7 years and 6 months.