Multiple choice

In how much time (in years) does Rs. $500$ invested at the rate of $8\%$ per annum at simple interest amounts to Rs. $580$.

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

Simple Interest = Amount - Principal = 580 - 500 = 80. SI = (P * R * T) / 100. 80 = (500 * 8 * T) / 100. 80 = 40 * T. T = 2 years.

AI explanation

The simple interest earned is the final amount minus the principal, which is 580 minus 500, equaling Rs. 80. Using the simple interest formula, 80 equals 500 multiplied by 8 divided by 100 multiplied by the time T. Solving for T, we get 80 equals 40 multiplied by T, which means the time required is 2 years.

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