Question

Varunda deposit rupees 75,000 in a bank at the rate of 5 p.c.p.a. , she received rupees 86,250 . Find the period of her deposit
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Answer 1

Total interest = 86,250 - 75,000 = 11,250 rs

By using simple interest formula

Interest = principle amount x rate x time /100

11250 = 75000 x 5 x time/100

11250 = 750 x 5 x time

Time= 11250/ 750 x 5

Time = 3 years