In how many years will ₹705 amount to ₹500 at 3.5 % per annum?
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Solution!!
The concept of simple interest has to be used here. The principal, rate of interest and amount is given in the question. We have to find the time.
Principal (P) = Rs 500
Amount = Rs 705
Rate of interest (R) = 3.5%
Time (T) = ?
Let's find the interest first!
Amount = Principal + Interest
705 = 500 + Interest
Interest = 705 - 500
Interest = Rs 205
Now, let's find the time!
Interest = (P × R × T)/100
205 = (500 × 3.5 × T)/100
205 = 5 × 3.5 × T
205 = 17.5 × T
T = 205 ÷ 17.5
T = 82/7 = 11 5/7
Hence, the time is 11 5/7 years.
The questioner may ask you to find the amount also. So, here's how you can find it.
Amount = Principal + Interest
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