how long will it take for Rs. 3500 to become 3850 if interest is charged at the rate of 2% per annum .
Please tell me the answer in a simple way
Answers
Step-by-step explanation:
SI=350
T=SI*100/R*P
T=350*100/2*3500
Answer:
The correct answer is : 5 years
Step-by-step explanation:
To calculate the time required for Rs. 3500 to become Rs. 3850 with an interest rate of 2% per annum, we can use the formula for simple interest, which is I = PRT/100, where I is the interest earned, P is the principal amount, R is the interest rate per annum and T is the time in years. As the interest earned is Rs. 350 (3850 - 3500), the principal is Rs. 3500 and the interest rate is 2% per annum. So using the formula:
350 = (3500*2*T)/100
Simplifying this equation, we get:
T = (350*100)/(3500*2) = 5
Therefore, it will take 5 years for Rs. 3500 to become Rs. 3850 at an interest rate of 2% per annum. This means that if you invest Rs. 3500 at an interest rate of 2% per annum, you will earn Rs. 350 in 5 years, making the total amount Rs. 3850.
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