Harika deposit Rs20000 in the bank. In how Many years will it amount to rs 23000 at the rate of interest of 5% per annum
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If it is Simple interest,
A = P + SI
A=amount
P=principal
SI=PTR/100
T=time in years
R=rate of interest
given,
A=23000,P=20000,R=5%
23000=20000 +[20000×T×5/100]
23000-20000=(20000×T×5)/100
3000=(20000×T×5)/100
3=(20×T)/20
60=20×T
T=3yr
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