Question

Rs 22,100 amount to rs 70,941 at a rate of 13%simple interest

Answer 1

Yer welcome all d best for exams

Answer 2

The formula for simple interest is given as follows :

Simple interest = Principle × rate/100 × time

In this case the interest is :

= 70941 - 22100 = 48841

We need the time it takes for it to yield this interest:

48841 = 22100 × 13/100 × n

where n is the time in years.

48841 = 2873n

We now solve for n as follows:

n = 48841/2873

n = 17

So it takes 17 years for the money to accumulate to 70941