Question

You deposit 5000 rupees in an account that earns 6.25% simple interest. How many years will it take your account balance to reach 7500 rupees?​

Answer 1

Principal (P) = ₹5000

Rate of interest (R) = 6.25 %

Amount (A) = ₹7500

Time = T years

$\sf{\purple{Interest (I) = A - P}}$

$\sf{\purple{ = ₹7500 - ₹5000}}$

$\sf{\purple{ = ₹2500}}$

$\bold{\red{I = \dfrac{PTR}{100}}}$

$\bold{\red{T = \dfrac{100I}{PR}}}$

$\bold{\red{T = \dfrac{1\cancel{00}×250\cancel{0}}{5\cancel{000}×6.25}}}$

$\bold{\red{T = \dfrac{250}{31.25}}}$

$\boxed{\bold{\red{T = 8 \:years}}}$

Answer 2

Answer:

8 years

Step-by-step explanation:

Simple Interest = $\frac{PRT}{100}$

Now , Principal = ₹5000

And amount = ₹7500 (given)

So , SIMPLE INTEREST = ₹(7500-5000) = ₹2500

⇒Rate = 6.25% = $\frac{25}{4}$%

Now , time is unknown

So , $\frac{5000*25*T }{100*4}$ =  2500

$\frac{625T}{2}$ = 2500

T = $\frac{5000}{625}$ = 8 years

Hope it helps

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