a) 3 years
b) $$3\frac{1}{2}$$ years
c) 4 years
d) $$4\frac{1}{2}$$ years
Answer: b
Explanation:
$$\eqalign{
& {\text{Rate }}\% = {\text{12}}\% \cr
& {\text{Principal = Rs}}{\text{. 1860}} \cr
& {\text{Amount = Rs}}{\text{. 2641}}{\text{.20}} \cr
& {\text{Interest}} \cr
& {\text{ = Rs}}{\text{. }}\left( {2641.20 – 1860} \right) \cr
& = {\text{Rs}}{\text{. 781}}{\text{.20}} \cr
& {\text{Using formula,}} \cr
& {\text{Required time }} \cr
& = \frac{{781.20 \times 100}}{{1860 \times 12}} \cr
& = 3\frac{1}{2}{\text{ years}} \cr} $$
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