Multiple choice

Interest on Rs.600 at the rate of 5% is Rs.240. The time for which the interest is charged is

  1. 16 years

  2. 12 years

  3. 8 years

  4. 4 years
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Simple interest formula: SI = (P * R * T) / 100. 240 = (600 * 5 * T) / 100. 240 = 30 * T. T = 8 years.

AI explanation

Using the simple interest formula T equals 100 times SI divided by P times R, substitute the given values. The calculation is 100 times 240 divided by 600 times 5, which simplifies to 24000 divided by 300. This results in 8, so the time for which the interest is charged is 8 years.

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