Question

For how long period, should Rafikbhai invest 5800 at the rate of 6%, so as to earn an interest of Rs.1392?

Answer 1

SOLUTION :

GIVEN :

Principal (P)= ₹ 5800

Simple Interest (S.I) =₹ 1392

Rate of interest(R )= 6 %

Simple Interest (S.I) = (P × R × T) /100

Let Time = T

Time (T ) = S.I × 100 / P × R

T = 1392 × 100 / 5800 × 6

T = 232/58 = 4 years

T = 4 years

Hence, Rafikbhai should invest ₹ 5800 for 4 years.

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Answer 2

Acc to the question, we have to find the time period for which should Rafikbhai invest 5800 at the rate of 6%, so as to earn an interest of Rs.1392

Let the time be "t" years.

Principle = Rs 5800.

Rate = 6%

Time = t years.

Interest = Rs 1392.

We know that,

time = (I * 100) / ( P * R)

or, t = (1392 * 100) / (5800 * 6)

or, t = 139200/34800 = 4 years.

Therefore, Rafikbhai should invest 5800 for 4 years at the rate of 6%, so as to earn an interest of Rs.1392.