Rs. 6000 becomes Rs. 8340 in K years at simple interest. If the rate of…
2024
Rs. 6000 becomes Rs. 8340 in K years at simple interest. If the rate of interest is 13% per annum, what is the value of K?
- A.
2 years
- B.
4 years
- C.
3 years
- D.
5 years
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Correct answer: C
Given:
Principal = Rs. 6000
Amount = Rs. 8340
Rate = 13% per annum
Time = K (years)
Formula used:
Simple interest (SI) = (P × R × T) / 100
Also, SI = Amount − Principal
Calculation:
SI = 8340 − 6000 = 2340
Using the SI formula: 2340 = (6000 × 13 × K) / 100
Compute annual interest per year: (6000 × 13) / 100 = 780, so the equation becomes 2340 = 780 × K
Therefore K = 2340 / 780 = 3
Answer: K = 3 years.