Question

in how much time will Rs. 1625 amount to Rs. 2080 in 3x1/2 years?

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Answer 1

Step-by-step explanation:

We know that I=100PTR

where I is the simple interest

P is the principal amount

T is the time period and

R is the rate of interest

and A=P+I

where A is the total amount

Given that P=1625,A=2080 and T=321years=3.5

Therefore, 2080=1625+1001625(3.5)(R)

⟹455=1005687.5(R)

⟹R=5687.545500=8%