Q.At an annual simple interest rate of 5%, how many years will it take for the interest on ₹6000 to become ₹1500? (a) 3 years (b) 30 years (c) 5 years (d) 15 years
Answer: C
Principal \((p) = ₹6000\)
Interest rate \((r) = 5 \%\)
Total interest \((I) = ₹1500\)

\(\therefore\) Time \((t) = \cfrac{100\times I}{pr}\)
\(=\cfrac{100\times 1500}{6000\times 5}\)
\(=5\) years
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