Simple interest on * 500 at a certain rate for 2 years is * 100. Find the
simple interest of the same amount of money, at the same rate for 5 years.
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Solution!!
Given that the simple interest on Rs 500 for 2 years is Rs 100.
P = Rs 500
T = 2 years
R = ?
SI = Rs 100
SI = (P × R × T)/100
100 = (500 × R × 2)/100
100 = 1000R/100
100 = 10R
R = 10% p.a.
Now, we have to calculate the simple interest when,
P = Rs 500
R = 10% p.a.
T = 5 years
SI = (P × R × T)/100
SI = (500 × 10 × 5)/100
SI = 25000/100
SI = Rs 250
Abbreviations used:-
P → Principal
T → Time
R → Rate of interest
SI → Simple interest
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