In how much time (in years, rounded off to 2 decimal places) will ₹10,800 amount to ₹24,800 if invested at simple interest at the rate of 15.5% per annum?

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Accepted Answer

Given:
Principal (P) = ₹10,800
Amount (A) = ₹24,800
Rate of interest (R) = 15.5% per annum

We need to find the time (T) in years.

Simple Interest (SI) = Amount - Principal = 24,800 - 10,800 = ₹14,000

Formula for Simple Interest:
SI = (P × R × T) / 100

Rearranging to find T:
T = (SI × 100) / (P × R)

Substitute the values:
T = (14,000 × 100) / (10,800 × 15.5)
T = 1,400,000 / 167,400
T ≈ 8.36 years

Double-checking the calculation:
10,800 × 15.5 = 167,400
1,400,000 / 167,400 ≈ 8.36

The correct time is approximately 8.36 years.

However, the options given are 7.72, 8.36, 9.54, and 6.89. The calculation shows 8.36 years, so the correct answer is 8.36.

Note: The initial marking of option 7.72 as correct was a mistake; the correct answer is 8.36.

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