Simple Interest Practice Test 2

Question : 15 of 40

Marks: +1, -0

In how many years will Rs. 3000 become Rs. 3840, if the rate of interest is 7% per annum?

Solution:

T =

{840 ×100}/{3000 ×7}

= 4 years (∵ I = 3840 – 3000 = Rs. 840)

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