Multiple choice

How much time (approx) will it take for an amount of ₹1000 to yield ₹14 as interest at the 0.9% per annum of simple interest?

  1. 2 year 6 months

  2. 1 year 8 months

  3. 1 year 4 months

  4. 1 year 6 months
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Using Simple Interest formula: SI = (P × R × T) / 100. Given: P = ₹1000, SI = ₹14, R = 0.9% per annum. Solving: T = (SI × 100) / (P × R) = (14 × 100) / (1000 × 0.9) = 1400 / 900 = 1.555... years ≈ 1 year 6 months (1 year + 0.555 × 12 months ≈ 1 year 6.66 months, which rounds to approximately 1 year 6 months).

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