in how much time will the interest on Rupees 2800 at 11.5% per annum 2576
Answers
Answer:
2792.24 is the correct answer
In 8 years of the time the interest on Rs. 2800 will be Rs. 2576.
Step-by-step explanation:
Required formula:
Simple Interest, S.I. = [PRT]/100
Principal, P = Rs. 2800
Rate of interest, R = 11.5% p.a.
Interest, S.I. = Rs. 2576
Let the time period be denoted as “T” years.
Now, Substituting the given values in the above formula:
2576 = [2800 * 11.5 * T] / 100
⇒ T = [100 * 2576] / [2800 * 11.5]
After cancellation, we get
⇒ T = 920/115
⇒ T = 8 years
Thus, in 8 years the sum of Rs. 2800 at 11.5% p.a. will give an interest of Rs. 2576.
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