If the simple interest accrued on ₹5000 at the rate of 5½ % per annum is ₹1100, what is the time in years?
Answers
Answer:
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Given:
If the simple interest accrued on ₹5000 at the rate of 5½ % per annum is ₹1100, what is the time in years?
To find:
The time in years
Solution:
We know,
The sum of money, P = Rs. 5000
The simple interest, S.I. = Rs. 1100
The rate of interest, R = 5½ % p.a. =
Let "T" be the time in years.
On substituting the given values in the above formula, we get
Thus, the time in years is → 4 years.
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