How long will it take for Rs. 1,500 to become Rs. 2040 at a rate of 8% per annum simple interest?

Correct option is B

Given:

Amount= Rs. 2040
Principal = Rs. 1500
Rate = 8%
Formula Used:
Simple Interest = Amount- Principal
Simple Interest = $$= \frac{P \times R \times T}{100}$$

Solution:

Simple Interest = 2040-1500 = 540

540  $$= \frac{1500 \times 8 \times T}{100} \\$$ 

Time =  4$$\frac 12$$ years​