Discussion of Question with ID = 066 under Simple-Interest

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Question

An investor puts an amount of Rs. 3100 in a simple interest scheme. If the rate of interest is 9%, how long does he have to wait for getting an amount of Rs. 4216?

A

4 years.

B

5 years.

C

3 years.

D

6 years.

Soln.
Ans: a

The interest is I = 4216 - 3100 = 1116. So T = $(I × 100)/(R × P)$. Solving, we get T = $(1116 × 100)/(9 × 3100)$ = 4 years.

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