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ICICI lent ₹ 1 lakh to captain Ram Singh...

ICICI lent ₹ 1 lakh to captain Ram Singh @ `6%` per annum of simple interest for 10 years period. Meanwhile ICICI offered a discount in rate of interest for armed forces. Thus the rate of interest ICICI decreased to `4%`. In this way Ram Singh had to pay total amount 1.48 lakh. After how many year Ram Singh got the discount in rate of interest?

A

3 years

B

4 years

C

6 years

D

5 years

Text Solution

Verified by Experts

The correct Answer is:
B
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