In how many years will a sum of Rs. 9,500 amount to Rs. 11,780 at the rate of 8% per annum at simple interest?

Question

Question

This question was previously asked in

SSC CGL 2023 Tier-I Official Paper (Held On: 18 Jul 2023 Shift 3)

Answer 1

Given:

A sum of Rs. 9,500 amount to Rs. 11,780 at the rate of 8% per annum at simple interest

Formula used:

Simple interest = P × R × T / 100 [ P = principal, R = rate of interest, T = time]

Calculation:

Let, Time = T

Simple interest is (11780 - 9500) = 2280

As per the question,

⇒2280 = 9500 × 8 × T / 100

⇒ T = 3 years