Q.At an annual interest rate of 5%, for how many years will the interest on 300 rupees amount to 120 rupees? (a) 4 (b) 8 (c) 12 (d) 12\(\frac{1}{2}\)
Answer: B
Let the principal \(p = 300\) rupees
The rate of interest \(r = 5\%\)
The interest \(I = 120\) rupees

Therefore, the time \(t = \cfrac{100 \times I}{pr} \)
\(= \cfrac{100 \times 120}{300 \times 5} = 8\) years.

Similar Questions