Multiple choice

Meenakshi gets 16$\dfrac{2}{3}$ % simple interest on her fixed deposits. Her interest will be equal to the deposit in ______ years -

  1. 8

  2. 8.5

  3. 6

  4. 6.25
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Interest = P * R * T / 100. We want Interest = P. So P = P * (50/3) * T / 100. 1 = (50/300) * T = 1/6 * T. T = 6 years.

AI explanation

An interest rate of 16 2/3 percent is equivalent to 50/3 percent per annum. To find when the interest equals the principal, use the formula Time = 100 / Rate. Time = 100 / (50/3), which simplifies to 300 / 50. The interest will equal the deposit in 6 years.

Keep practicing — related questions