In what time will Rs. 1860 amount to Rs. 2641.20 at simple interest 12% per annum?

2.9 years
3.5 years
4.2 years
4.7 years

Correct Answer: 3.5 years

Explanation:

Given that Rs. 1860 will become Rs. 2641.20 at 12%

=> Simple Interest = 2641.20 - 1860 = Rs. 781.20

We know I = PTR/100

=> 781.20 x 100 = 1860 x T x 12

=> T = 78120/1860x12

=> T = 78120/22320

=> T = 3.5 years.

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