Question

Find the time when: Principal = ₹ 5000, amount = ₹ 6450 and
rate = 12% p.a.​

Answer 1

➤ Given :-

Principle :- ₹5000

Total Amount :- ₹6450

Rate of interest :- 12%

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➤ To Find :-

Time taken to return the money back.

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➤ Formula required :-

${\large \dashrightarrow \orange{\boxed{\tt \gray{\dfrac{SI \times 100}{P \times R}}}}}$

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★ How to do :-

Here, we are given with the principle amount, the rate of interest and the total amount that had been returned back at end of that period. We are asked to find the time taken to give the boney back. We can use the given formula for finding the time taken. But, we are not given with the simple interest which is required in the formula. So, first we should find the simple interest by subtracting the total amount and the principle. The obtained answer will be the simple interest. Later, we can use the given formula to find the time taken.

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➤ Solution :-

Simple Interest :-

${\tt \leadsto 6450 - 5000}$

${\tt \leadsto Rs \: \: 1450}$

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Now,

Time :-

${\tt \leadsto \dfrac{1450 \times 100}{5000 \times 12}}$

${\tt \leadsto \dfrac{1450 \times \cancel{100}}{\cancel{5000} \times 12} = \dfrac{1450 \times 1}{50 \times 12}}$

${\tt \leadsto \dfrac{\cancel{1450} \times 1}{\cancel{50} \times 12} = \dfrac{29 \times 1}{1 \times 12}}$

${\tt \leadsto \cancel \dfrac{29}{12} = \boxed{\tt 2.416 \: \: years}}$

$\Huge\therefore$ The time taken to give back money is 2.416 years.

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$\dashrightarrow$ Some related formulas :-

${\longrightarrow \boxed{\sf Simple \: Interest = \dfrac{P \times R \times T}{100}}}$

${\longrightarrow \boxed{\sf Principle = \dfrac{SI \times 100}{R \times T}}}$

${\longrightarrow \boxed{\sf Rate of Interest = \dfrac{SI \times 100}{P \times T}}}$

${\longrightarrow \boxed{\sf Time = \dfrac{SI \times 100}{P \times R}}}$