Question

how long will it take for rupees 3500 to become rupees 3 850 if interest is charged at this at the rate of 2% per annum

Answer 1

principal= 3500
amount = 3850
rate of interest = 2%
therefore interest = 3850 - 3500 = 350
time = (interest × 100)/(rate × principal)
= (350 × 100)/(2 × 3500)
= 35×1/70
= 35/70
= 1/2 year
= 6 months