A sum of Rs. 3000 yields an interest of Rs. 1080 at 12% per annum simple interest in how many years ?

Solution (By Examveda Team)

$$\eqalign{ & {\text{By using formula }} \cr & \Leftrightarrow \frac{{{\text{3000}} \times 12 \times {\text{T}}}}{{100}} = 1080 \cr & \Leftrightarrow {\text{T = }}\frac{{108}}{{36}}{\text{ = 3 years}} \cr} $$