Multiple choice

Rs. 3,52,000 will produce Rs. 28,600 as interest in __________ at simple interest of 2.5% p.a.

  1. 2 years 2 months

  2. 3 years 3 months

  3. 4 years 4 months

  4. 5 years 5 months
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Simple interest formula: I = PRT/100. 28600 = 352000 * 0.025 * T. 28600 = 8800 * T. T = 28600 / 8800 = 3.25 years. 0.25 years is 3 months, so 3 years and 3 months.

AI explanation

Using the simple interest formula, Time equals Interest multiplied by 100 divided by the product of Principal and Rate. Substituting the given values gives Time equal to 28600 multiplied by 100 divided by the product of 352000 and 2.5. This simplifies to 2860000 divided by 880000, which equals 3.25 years. The time period is 3 years and 3 months.

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