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How much time will it take for an amount of ₹900 to yield ₹81 as interest at 4.5% per annum simple interest?

1. 2 years
2. 3 years
3. 1 year
4. 4 years

Correct answer: 2 years

Solution

Using the simple interest formula, \(SI = \frac{PRT}{100}\). Substituting \(SI=81\), \(P=900\), and \(R=4.5\), we get \(81 = \frac{900 \times 4.5 \times T}{100}\). Solving gives \(T=2\) years.

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