Harish wants to buy a smartphone worth Rs 22780.50. But currently he only has Rs 18600 with him. He deposits this amount in a bank which offers 9% simple interest per annum.
How long will it take for the amount to become Rs 22780.50, so that Harish can buy the smartphone?
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Answer:
2.5 years
Step-by-step explanation:
Addition amount that Harish needs = Rs. 22780.50 - Rs. 18600 = Rs. 4180.50
The simple interest offered by the bank should be equal to this amount.
Simple Interest = Principal × Rate of interest × Time / 100
Time = Simple Interest × 100 / Principal × Rate of interest years
= 4180.50 × 100 / 18600 × 9 years
= 2.5 years
Hence, Harish will be able to buy the smartphone in 2.5 years.
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