Mathematics for FinancePYQ Dec 23Question 1252 of 512
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Manoj invests 12,000\displaystyle 12,000 at 6%\displaystyle 6\% per annum simple interest to obtain a total amount of 14,880\displaystyle 14,880. What is the time for which the amount was invested?

Options

A3 years
B4 years
C2 years
D5 years
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Correct Answer

✅ Option b — 4 years

All Options:

  • A3 years
  • B4 years
  • C2 years
  • D5 years

Detailed Solution & Explanation

**Derivation of Investment Period** Given: - Principal (P\displaystyle P) = Rs. 12,000\displaystyle \text{Rs. }12,000 - Simple Interest Rate (R\displaystyle R) = 6%\displaystyle 6\% per annum - Future Value (A\displaystyle A) = Rs. 14,880\displaystyle \text{Rs. }14,880 **Step 1: Calculate simple interest earned (SI\displaystyle SI)** SI=A−P=14880−12000=Rs. 2,880SI = A - P = 14880 - 12000 = \text{Rs. }2,880 **Step 2: Solve for Time (T\displaystyle T)** SI=P×R×T100SI = \frac{P \times R \times T}{100} 2880=12000×6×T1002880 = \frac{12000 \times 6 \times T}{100} 2880=720T2880 = 720 T T=2880720=4 yearsT = \frac{2880}{720} = 4 \text{ years} Hence, **Option B** is the correct answer.

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