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Find the duration (in years) in which ₹1,200 will amount to ₹2,280 at a rate of 4% per annum simple interest.
Question

Find the duration (in years) in which ₹1,200 will amount to ₹2,280 at a rate of 4% per annum simple interest.

A.

22.5

B.

21.5

C.

23.5

D.

24.5

Correct option is A

Given:

Principal (P) = ₹1,200

Amount (A) = ₹2,280

Rate of interest (R) = 4% per annum

We need to find the time (T) in years.

Formula Used:

SI = P×R×T100 \frac{P \times R \times T}{100} 

Amount = P + SI

Solution: 

SI = 2280 - 1200 = ₹1080 

Now,  

1080 = 1200×4×T100\frac{1200 \times 4 \times T}{100}  

T = 1080×1001200×4\frac{1080 \times 100}{1200 \times 4} ​

T = 22.5

Thus, The duration is 22.5 years

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