Question

Rs.4,000 amount to Rs.5,000 in 8 years; in what time will Rs.2,100 amount to Rs.2,800 at the same rate ?

• A. 10 years and 8 months
• B. 8 years and 5 months
• C. 11 years and 9 months
• D. 13 years and 5 months

Answer 1

The correct option is A 10 years and 8 months

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

Given,

Amount $A=Rs5000$

$P=Rs4000$

$I=A-P=5000-4000=Rs1000$

$T=8$ years

So, $1000=\frac{4000\times R\times 8}{100}$

$\Rightarrow 1000\times 100=32000\times R$

$\Rightarrow R=3.125$ %

Now, we need to find $T$ when $A=Rs2800;P=Rs.2100$

$\Rightarrow I=2800-2100$

$=Rs700$

So, $Rs700=\frac{2100\times 3.125\times T}{100}$

$\Rightarrow 700\times 100=6562.5\times T$

$\Rightarrow T=10years8months$