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How long will it take for ₹1,500 to become ₹1,860 at 8% per annum simple interest?
421 years
443 years
3 years
2 years
3 years
Calculate SI as difference (1860 - 1500 = 360). Then find 8% of 1500 (120 per year). Divide total SI by annual SI (360 / 120 = 3 years).
Principal P = ₹1,500, Amount A = ₹1,860, Rate R = 8% per annum
Simple Interest=100P×R×T=A−P
Calculate SI as difference (1860 - 1500 = 360). Then find 8% of 1500 (120 per year). Divide total SI by annual SI (360 / 120 = 3 years).
Confusing 'Amount' with 'Interest'. 70% of students mistake 1860 for the interest amount rather than the total maturity value.
Calculate Simple Interest (SI)
Subtract the principal amount from the total amount to find the interest earned. SI=A−P
SI=1860−1500=360
Apply SI Formula
Use the formula for simple interest to solve for time T. SI=100P×R×T
360=1001500×8×T
Solve for Time T
Simplify the equation: 360=15×8×T which leads to 360=120×T. Divide both sides by 120.
T=120360=3 years
C is correct because the calculated time for ₹1,500 to grow to ₹1,860 at 8% p.a. is 3 years.
This concept is foundational for Compound Interest problems, where the rate applies to the balance sequentially rather than the initial principal only.
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