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Ramakant wants to earn Rs. 1500 interest on his deposits. He plans to buy a sack of grains with the interest. He puts Rs. 5,000 into his account that earns 2.5% interest. How long will he need to leave his money in the account to earn this interest that would help him buy the sack of grains ?

Answer : C . 12 years
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Ramakant wants to earn Rs. 1500 interest on his deposits. He plans to buy a sack of grains with the interest. He puts Rs. 5,000 into his account that earns 2.5% interest. How long will he need to leave his money in the account to earn this interest that would help him buy the sack of grains ?

A . 8 years

B . 10 years

C . 12 years

D . 15 years

Answer : C . 12 years

Explanation :

S.I = 1500
P = 5000
R = 2.5
S.I = P * T * R / 100
P * T * R / 100 = 1500
(5000 * 2.5 * T) / 100 = 1500
T = 12 years.

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