Ganesh deposited Rs. 55,000 in his savings account. If the bank offers 5% p.a. simple interest, in how many years will the account balance be Rs. 63,250? Find the simple interest and the amount for the sum.
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Simple Interest = ₹8250
Time = 3 years
Step-by-step explanation:
GIVEN
Principal = 55000
Rate = 5%
Amount = 63250
___________________________
TO FIND
Simple Interest , Time
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We know that,
Simple Interest = Amount - Principal
Simple Interest = 63250 - 55000
Simple Interest = 8250
Simple Interest = ₹8250
___________________________
We know that,
Simple Interest = ( Principal × Rate × Time ) / 100
8250 = ( 55000 × 5 × Time ) / 100
Time = ( 8250 × 100 ) / ( 55000 × 5 )
Time = 825000 / 275000
Time = 3
Time = 3 years
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