What is time and simple imterest when principal is 1000 and amount is 1700 and Rate of interest is 7 percent
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Answer:
Simple interest = 700
The time period is 10 years
Step-by-step explanation:
P = principal = 1000
R = rate of interest per cent per year = 7
T = time period in years = ?
A = amount at the end of period T = 1700
SI = simple interest
SI = P*R*T/100 ...(i)
A = P + SI
=> 1700 = 1000 + SI
=> SI = 700
Simple interest = 700
Using (i), we get:
700 = (1000*7*T)/100
700 = 10*7*T
70*T = 700
T = 10
The time period is 10 years
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