How long will it take for Rs.7,500 invested at the rate of 6% p.a simple interest, amount to Rs.9,525?
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Given that
Amount= Rs 8625
Principle (p) = Rs 7500
Rate (r) = 7 1/2%pa = 15/2 %
Simple Interest(si) = Amount – Principle
si = Rs 8625- Rs 7500
si = Rs 1125
We know that the formula for simple interest
si = (p × r × t)/100
Substitute the given values in the above equation we get,
1125 = (7500 × t × 15/2)/ 100
The simple interest equation becomes
1125 = (7500 × t × 15)/200
225000 = 112500 × t
t = 2 years
Hence the time required to pay ₹7500 amount to ₹8625, if interest is reckoned at 7 1/2<%pa is 2 years.
Hope it is help for you.
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