Question
Quantitative Aptitude Question on SI & CI
The simple interest and compounded interest (compounded annually) earned on a certain sum of money are 8,000 and 8,400 respectively. If the principal is 40,000 and the rate of interest is 10% per annum, then what is the duration of the investment?
A
1 year
B
1.5 year
C
2 year
D
2.5 year
Answer
2 year
Explanation
Solution
The correct answer is (C): 2 year