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In what duration will a sum of ₹2,100 fetch a simple interest of ₹1,050 at 10% per annum rate of interest?
10 years
6 years
5 years
8 years
5 years
Observe that 10% of ₹2,100 is ₹210 per year. To get ₹1,050 interest, divide 1,050 by 210, which equals 5 years.
Principal P = ₹2,100, Simple Interest SI = ₹1,050, Rate of Interest R = 10% per annum.
SI=100P×R×T⟹T=P×RSI×100
Observe that 10% of ₹2,100 is ₹210 per year. To get ₹1,050 interest, divide 1,050 by 210, which equals 5 years.
Many students accidentally calculate Compound Interest instead of Simple Interest, or misplace the decimal point while dividing.
Identify given parameters
Extract the values: Principal P=2100, Simple Interest SI=1050, and Rate R=10%.
P=2100,SI=1050,R=10
State the SI formula
The formula for simple interest is SI=100P×R×T. We need to solve for Time (T).
T=P×RSI×100
Substitute and solve
Substitute the values into the rearranged formula: T=2100×101050×100. Calculating this gives 21000105000=5.
T=21000105000=5 years
C is correct because the calculation T=2100×101050×100 results in 5 years.
This is a fundamental concept for banking exams. Always check if the interest is 'simple' or 'compound', as the formulas differ significantly.
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