Question 58

A sum of ₹ 3000 yields an interest of ₹ 1080 at 12% per annum simple interest in how many years ?

Solution

Principal sum = P = Rs. 3000

Let time period = $$t$$ years and rate of interest = 12%

Simple interest = $$\frac{P \times r \times t}{100}$$

=> $$\frac{3000 \times 12 \times t}{100}=1080$$

=> $$360t=1080$$

=> $$t=\frac{1080}{360}=3$$ years

=> Ans - (B)

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