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Question
An investor puts an amount of Rs. 2300 in a simple interest scheme. If the rate of interest is 4% per month, how long does he have to wait for getting an amount of Rs. 2944?
A
${7/12}$ year.
B
${2/3}$ year.
C
${3/4}$ year.
D
${5/6}$ year.
Soln.
Ans: a
Ans: a
The interest is I = 2944 - 2300 = 644. So T = $(I × 100)/(R × P)$. Solving, we get T = $(644 × 100)/(4 × 2300)$ = 7 months.