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Ananyaa invests an amount of Rs. 9534 at the rate of 4 % per annum to obtain a total amount of Rs. 11442 on simple interest after a certain period. Find the number of years that Ananyaa had to invest the amount to obtain the total sum of Rs. 11442?

Solution

✅ Correct Option: 4

Interest =11442−9534=1908= 11442 - 9534 = 1908.

Using SI=P×R×T100SI = \dfrac{P \times R \times T}{100}, one year's interest is 9534×4100=381.36\dfrac{9534 \times 4}{100} = 381.36.

T=1908/381.36≈5T = 1908 / 381.36 \approx 5 years.

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