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    • Question

      A man invests ₹20,000 in a scheme that offers a 10%

      simple interest per annum. After how many years will his total amount become ₹30,000?
      A 5 years Correct Answer Incorrect Answer
      B 7 years Correct Answer Incorrect Answer
      C 8 years Correct Answer Incorrect Answer
      D 10 years Correct Answer Incorrect Answer

      Solution

      Let the principal be P = ₹20,000, Total amount A = ₹30,000, Interest = A - P = ₹30,000 - ₹20,000 = ₹10,000. Using the formula for simple interest: Interest = P × r × t / 100. 10,000 = 20,000 × 10 × t / 100, t = (10,000 × 100) / (20,000 × 10) = 5 years. Answer: a) 5 years.

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