Question

How long will it take for ₹ 3000 invested at the rate of 5% per annum simple interest amount to ₹3600?​

Answer 1

Step-by-step explanation:

Given:

Principal (P) = Rs.3000

Rate of interest (R) = 5% p.a.

Amount (A) = Rs.3600

To find:

Time period (T)

Solution:

S.I. = PRT/100

• T = 100 × S.I./P × R

A = P + S.I

3600 = 3000 + S.I

∴ S.I = Rs.600

⇒ T = 100 × S.I/P × R

⇒ T = 100 × 600/3000 × 5

⇒ T = 60000/3000 × 5

⇒ T = 60000/15000

∴ T = 4 years