For how many years does a person need to invest his tk 3000 at 7% to earn tk 420 in simple interest?

For how many years does a person need to invest his tk 3000 at 7% to earn tk 420 in simple interest?

A 8

B 20

C 15

D 2

Solution

Correct Answer: Option D

n = (S.I x 100)/P x R
= (420 x 100)/(3000 x 7)
= 2 years.