Discussion of Question with ID = 019 under Simple-Interest

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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

The interest is I = 2944 - 2300 = 644. So T = $(I × 100)/(R × P)$. Solving, we get T = $(644 × 100)/(4 × 2300)$ = 7 months.

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