Question

how long would 25000 have to be deposited in the bank at 12% per year to recieve back 31000???????

Answer 1

Answer:

here's your answer, grab it

Step-by-step explanation:

Given-

p= 25000

R= 12%

A= 31000

so the SI will be- (we are going to find the time on the basis of SI as you didn't mentioned

the type of interest.)

SI= A - P

SI = 31000- 25000

SI = 6000

now we got the SI so time to use the formula.

Formula-

SI = (P * R * T) / 100

we don't know that time so the let it be x

6000= (25000 * 12 * x) / 100

2 = x

the answer is 2 years.

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