Question

In what time will rupees 7500 amount to be rupees 8625 if the simple interest is reckoned at whole 7 by
1 by 2% per annum?

Answer 1

Step-by-step explanation:

The formula to compute the simple interest is:

Given:

P = Rs. 7500

A = Rs. 8625

r = 15/2% = 7.5%

The interest earned is:

I = A - P = 8625 - 7500 =  1125

Compute the value of t as follows:

Thus, the time needed is 2 years.