How long does it take for a principle of rupees 25000 at a simple interest rate of 5% to become rupees 30000
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Answer:
Principal = Rs.2500
Rate of interest = 8%
Amount = Rs.3100
Simple Interest = Amount - Principal
= 3100 - 2500
= Rs.600
Time = SI × 100/R × P
= 600 × 100/8 × 2500
= 60000/20000
= 3 years
Therefore, it will take 3 years for rupees 2500 invest at the rate of 8% per annum simple interest to rupee 3100
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