Question

cathy invested rupees 5000 at the rate of 7%p.a. It earned rupees 1050 simple interest.The period of investment was:

Answer 1

Answer:

the period of investment was  3 years

Step-by-step explanation:

given, principal= 5000 rupees,

rate of interest= 7% per annum

simple interest= Rs 1050

formula for simple interest

SI (simple interest) = P*R*T /100

here T is the unknown value

1050 = $\frac{5000*7*T}{100}$

cross multiplying

⇒ T= (1050*100)/7*5000

⇒ T= 3years

hence the period of investment was 3 years