Question

In what time will ₹ 5600 amount to ₹ 6720 at 8% per annum?

• A. 3 years
• B. 2$\frac{1}{2}$ years
• C. 3$\frac{1}{2}$ years
• D. 2 years

Answer 1

The correct option is B 2$\frac{1}{2}$ years

Interest = Amount - Principle
= 6,720 - 5,600
=1,120
Interest$=\frac{P\times T\times R}{100}$
$1,120=\frac{5,600\times 8\times T}{100}$

$T=\frac{100\times 1120}{5600\times 8}$

$T=2\frac{1}{2}$ years