Question 24
How much time will it take for an amount ₹ 450 to yield ₹ 81 of interest at 4.5% per annum of simple interest ?
Solution
Let us assume that it takes T years to accumulate an interest of 81.
$$SI\ =\ PRT$$
81 = $$450\times\ 0.045\times\ T$$
This gives T = 4 years.
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