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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.