Question

In how many years will rs20000 amount to 23000 at 5% simple interest

Answer 1

Principal = Rs 20000

Amount = Rs 23000

Rate = 5%

Let time be T yrs.

S.I. = Amount - Principal

S.I. = 23000 - 20000 = 3000

S.I. = P x R x T/100

3000 = 20000x 5 x T / 100

T = (3000 x 100) / (20000 x 5)

T= 300000/100000

T = 3yrs.