SSC MTS 2024 · PYQ · Simple Interest · medium
How long (in years) will it take for a sum of money invested at 4% per annum on simple interest to increase its value by 30%?
Answer
The correct answer is C: 7(1/2). Using SI formula, 30 = (P × 4 × T)/100 × (100/P), so T = 30/4 = 7.5 = 7(1/2) years.
- A.5(1/2)
- B.8(1/2)
- C.7(1/2)✓ Correct
- D.4(1/2)
Using SI formula, 30 = (P × 4 × T)/100 × (100/P), so T = 30/4 = 7.5 = 7(1/2) years.
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