Question

A sum of Rs. 12,000/- given at simple interest rate of 12% per annum becomes Rs. 16,320/-
in T years. The value of T is (in years)
(1) 2
(2) 2 1/2
(3) 3
(4) 4

Answer 1

t will be 2 years
answer will be 3 only
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Answer 2

We know that simple interested is calculated by

$Simple \: interest = \frac{Principal \: amount \times Rate \times Time}{100}$
Interest gained :16320-12000

=4320/-

Principal amount = 12000/-

rate = 12%

Time(years)= ?

$4320 = \frac{12000 \times 12 \times T}{100} \\ \\ 432000 = 12000 \times 12 \times T \\ \\ T = \frac{432000}{12000 \times 12} \\ \\ T = \frac{432}{12 \times 12} \\ \\ = \frac{36}{12} \\ \\ T = 3$
In 3 years the amount 12000/- becomes 16320/- at 12% rate.

Option (3) 3 years is correct.

Hope it helps you.