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SSC CHSL 2023 · PYQ · Simple Interest · medium

How long (in years) will a sum of money invested at 6% per annum simple interest to increase its value by 40%?

  1. A.6 1/3
  2. B.5 2/3
  3. C.6 2/3✓ Correct
  4. D.4 2/3

Explanation

For a 40% increase, SI = 40% of principal. Using SI = P×R×T/100: 40 = 6×T, T = 40/6 = 6 2/3 years.
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