Question

How long does it take for a principle of rupees 25000 at a simple interest rate of 5% to become rupees 30000

Answer 1

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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