Q.At an annual simple interest rate of 8%, in how many years will 5000 rupees grow to 7400 rupees? (a) 3 years (b) 4 years (c) 5 years (d) 6 years
Answer: D
Principal \((p) = 5000\) rupees
Rate of interest \((r) = 8\%\)
Interest amount \((I) =\) (7400 - 5000) = 2400 rupees

Time \((t) = \cfrac{100 \times I}{pr}\)

\( = \cfrac{100 \times 2400}{5000 \times 8} \)

\( = 6 \) years

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