Question

F.Y.B.Com. Business Maths & Stats -
1.3
Interest and Annuity
Example 1.3 : A sum of 74,800 amounted to 76,240 in a certain
period. If the rate of simple interest is 12% p.a., find the period.​

Answer 1

Step-by-step explanation:

$given \: that \\ principal = 74800 \\ amount = 76240 \\ \\ \: si = amount - principal \\ = 76240 - 74800 = 1440 \\ \\ applying \: formula \: \: si = \frac{prt}{100 } \\ \\ 1440 = \frac{74800 \times 12 \times t}{100 } \\ t = 0.16year$