Question

In how many years a person will get a simple interest of ₹ 500 on a sum of ₹ 10,000 invested at a rate of 5p.c.p.a ?

• A. 1 year
• B. 2 years
• C. 6 months
• D. 3 years

Answer 1

The correct option is A 1 year

Given

P= Rs 10,000 , S.I = ₹ 500 , R =5%

T =?

we know that

S.I = $\frac{P\times R\times T}{100}$

500= $\frac{10,000\times 5\times T}{100}$

T= $\frac{500\times 100}{10,000\times 5}$

T= 1 year