Question

In how many years will a sum of ₹1000 amount to ₹ 1300 if the rate
of interest is 6% p.a .?

Answer 1

Answer:

i hope you got your answer

Answer 2

Given:

Principal P = ₹1000

Amount A = ₹1300

Rate = 6% per annum

To find:

Time T

Solution:

Formula used:

Simple interest SI = A - P

SI = (P * T * R) / 100

SI = A - P

SI = 1300 - 1000

SI = ₹300

SI = (P * T * R) / 100

300 = (1000 * T * 6) / 100

T = (300 * 100) / (1000 * 6)

T = 5 years

Therefore, in 5 years a sum of ₹1000 will amount to ₹1300 at 6% rate of interest.