Quantitative Aptitude • Simple & Compound InterestEasy
In how many years will ₹17,000 earn a simple interest of ₹12,240 at 12% per year?
A. 9 years
B. 6 years✓ Correct Answer
C. 7 years
D. 12 years
💡 Solution & Explanation
Interest for one year = 12% of ₹17,000 = ₹2,040. The total interest is ₹12,240, so the time = 12,240 ÷ 2,040 = 6 years. Using the formula: time = interest × 100 ÷ (principal × rate) = 12,240 × 100 ÷ (17,000 × 12) = 6.
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