Question

What time taken by sum of 7000 to became 10500 at the rate of 5% per annum?

Answer 1

Principal = 7000

Amount = 10500

Rate = 5%

$S.I = \frac{P*R*T}{100}$

$Amount = S.I + Principal$

$10500 = S.I + 7000$

$S.I = 10500 - 7000$

$Simple interest = 3500$

Now Substitute the value of interest in the above formula -

$3500 = \frac{7000 * 5 * T}{100}$

$3500 * 100 = 7000 * 5 * T$

$T = \frac{3500 * 100}{7000 *5}$

$T = 10 years$

So the answer would be 10 years.