Question

Find the time in which is 1200 will amount to Rs 1530 at 5½ er year.
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Answer 1

Answer:

1.Principal=Rs.1200

Amount=Rs.1536

Rate=3.5%p.a. Interest=A-P=Rs.1536-Rs.1200=Rs.336

Using SI=P*R*T/100 we get,

T=100*SI/(P*R)=100*336/(1200*3.5)

or,T=33600/4200

or,T=8

Ans:The required time is 8 years.

2.Amount=Rs.10210.2

Rate=5% p.a.

Time(in days)=(31-24)+30+31+31+30+17=146

146 days=146/365 years=2/5 years

Using A=P(1+RT/100) ,we get        (this formula is a handy one)

P=100*A/(RT+100)

or,P=100*10210.2/(2/5*5+100)

or,P=1021020/102

or,P=10010

Ans:The required principal is Rs.10010