Question 36
In how many years will ₹7,200 yield ₹1,080 in simple interest at 6% per annum?
Step-by-Step Solution
CONCEPT USED
Simple Interest: SI = (P $\times R \times T) / 100$, where P is the principal, R is the annual rate (%) and T is time in years.
STEP-BY-STEP SOLUTION
$Annual Interest = 7200 * 0.06 = 432. Time T = 1080 / 432 = 2.5 years.
FINAL$