Question

Rs 4000 amount toTs 5000 in 8 year in what time willrs 21pp amony to 2800 at the same rate
?​

Answer 1

Answer:

Interest earned in 8 years = 5000 - 4000 = 1000

Principal = 4000 , Time = 8 years

Formula of Simple interest is as follows

S.I = (Principal × Rate × time)/100

⇒ 1000 = ( 4000 × Rate × 8 ) /100

⇒ Rate = (1000 × 100)/(4000 × 8) = 3.125%

in second case Required Simple interest = 2800 - 2100 = 700

⇒ 700 = (2100 × 3.125 × Time ) / 100 [ using formula of S.I and calculated Rate]

⇒ 70000/(2100 × 3.125) = Time

Time = 10.667 years

So 10.667 years will be required for Rs 2100 to increase to Rs 2800 at Rate of 3.125%.