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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Answer:
P= 7500
A= 9525
T = let time be t yrs.
R.I.= 6%
Ans = Simple interest = A- P
= 9525 - 7500
= 2025.
We also know S.I. = PRT/ 100.
=7500 × 6 × t /100
= 450t
FROM the above equation it is clear that
450t= 2025
t = 2025 / 450
= 4 .5 years ( 4 years and 6 months )
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