Discussion
In how much time will ₹1,500 earn a simple interest of ₹450 at the rate of 6% per annum?
Answer: A
The time is 5 years. Simple interest is \[SI = \frac{P \times R \times T}{100}\] so \[450 = \frac{1500 \times 6 \times T}{100} = 90T\] and T = 5 years. Check: 6 per cent of 1,500 is 90 rupees a year, and 5 years gives 450. The options 6, 4 and 3 years would give interest of 540, 360 and 270 rupees, so they do not fit. A direct check: 17000 x 1.331 = 22627, which agrees with the given amount after 3 years at 10 per cent. At 20 per cent compounded half-yearly for one year the factor is 1.1 x 1.1 = 1.21, so the amount is 20570 and the interest is 3570.
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