Question

$10,000 deposited in a bank at the rate of 18 pear an number amount to $22,600 in few years. Find the time taken

Answer 1

Answer:

22600-10000=12600

Formula of Si

Si=p*rate*time/100

12600=10000*18*n/100

n=126/18=7 years

Answer 2

Solution!!

The concept of simple interest has to be used here. The principal, rate of interest and amount is given in the question. We have to find the time. We will find the interest and then find the time.

Amount = $22,600

Principal (P) = $10,000

Rate of interest (R) = 18%

Let's find the interest.

Amount = Principal + Interest

$22,600 = $10,000 + Interest

Interest = $22,600 - $10,000

Interest = $12,600

Now let's find out the time.

Interest = (P × R × T)/100

12,600 = (10,000 × 18 × T)/100

12,600 = 100 × 18 × T

12,600 = 1,800 × T

T = 12,600 ÷ 1,800

T = 7 years

Time (T) = 7 years