Discussion of Question with ID = 086 under Simple-Interest

This is the discussion forum for this question. If you find any mistakes in the solution, or if you have a better solution, then this is the right place to discuss. A healthy discussion helps all of us, so you are requested to be polite and soft, even if you disagree with the views of others. The question and its current solution has also been given on this page.

Advertisement

Question

An investor puts an amount of Rs. 3200 in a simple interest scheme. If the rate of interest is 4%, how long does he have to wait for getting an amount of Rs. 3840?

A

5 years.

B

6 years.

C

4 years.

D

7 years.

Soln.
Ans: a

The interest is I = 3840 - 3200 = 640. So T = $(I × 100)/(R × P)$. Solving, we get T = $(640 × 100)/(4 × 3200)$ = 5 years.


Comments and Discussion