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How much time will it take for an amount of ₹500 to yield ₹87.5 as simple interest at 5% per annum?

1. 4 years
2. 2 years
3. 2.5 years
4. 3.5 years

Correct answer: 3.5 years

Solution

Using $SI = \frac{PRT}{100}$, we get $87.5 = \frac{500 \times 5 \times T}{100}$. Solving gives $T = 3.5$ years.

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