Multiple choice

A certain sum is to be invested for a certain time at simple interest at $6$% p.a., such that there is an increase of $24$% in the sum. Find the time.

  1. $2$ years
  2. $3$ years
  3. $4$ years
  4. $5$ years
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Simple interest I = P*R*T/100. Increase of 24% means I = 0.24P. 0.24P = P * 6 * T / 100. 0.24 = 0.06 * T. T = 4 years.

AI explanation

Using the formula Time = (Percentage Increase * 100) / (Rate * 100), we can directly substitute the given percentage increase and rate. This gives Time = (24 * 100) / (6 * 100), which simplifies to 24 / 6. Solving this yields 4. The result is 4 years.

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