How many years will it take for ₹8,400 to amount to ₹11,928 at a simple interest rate of 7% per annum?

Question

Accepted Answer

Given:
Principal (P) = ₹8,400
Amount (A) = ₹11,928
Rate of interest (R) = 7% per annum

We know the formula for Simple Interest (SI):
SI = A - P = ₹11,928 - ₹8,400 = ₹3,528

Simple Interest formula:
SI = (P × R × T) / 100
=> 3,528 = (8,400 × 7 × T) / 100
=> 3,528 = (58,800 × T) / 100
=> 3,528 = 588 × T
=> T = 3,528 / 588 = 6

Rechecking calculation:
3,528 / 588 = 6

There seems to be a discrepancy with the options given. Let's verify carefully:

Step 1: Calculate SI = 11,928 - 8,400 = 3,528
Step 2: Use SI formula:
3,528 = (8,400 × 7 × T) / 100
=> 3,528 = (58,800 × T) / 100
=> 3,528 = 588 × T
=> T = 3,528 / 588 = 6

So the correct time is 6 years.

Hence, the correct answer is 6 years, which corresponds to option 4.

Answer

Answer

Answer