Question : A sum of Rs. 500 becomes Rs. 580 at simple interest in 2 years. In how many years will the sum of Rs. 650 amounts to Rs. 858 at the same rate of simple interest?
Option 1: 4 years
Option 2: 8 years
Option 3: 5 years
Option 4: 6 years
Correct Answer: 4 years
Solution :
Given: A sum of Rs. 500 becomes Rs. 580 at simple interest in 2 years.
Principal (
Simple interest (
Time (
So, the rate of interest (
Now, at the same interest rate,
Principal (
Total interest (
The rate of interest (
So, the required time (
Hence, the correct answer is 4 years.