Question

In how many years will 900 rupees yield a simple interest of ₹324 at 12% per
annum?

Answer 1

The time duration of the investment is 3 years.

Explanation:

If P be the principal amount that is invested for T years at a simple interest of R%, then after T years, the interest that will be obtained will be
`I = (PTR)/(100)` ........... (1)

In our case P = Rs. 900, I = Rs. 324 and R = 12% per annum then, we have to find the T i.e. time duration of the investment.

Now, from equation (1) we have,

`324 = (900 * 12 * T)/(100)`

⇒ T = 3 years.

Therefore, the time duration of the investment is 3 years. (Answer)