Question 28

Raghu has invested ₹ 1000 and received ₹ 1300 at 6% per annul simple interest after X years. Find the value of X ?

Solution

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Principal amount (P) = 1000

Interest = Total amount - Principal amount = 1300 - 1000 = 300

Rate = 6 %

Time = $$\frac{Interest\times100}{\text{Principal amount}\times Rate}$$

= $$\frac{300\times100}{\text{1000}\times 6}$$

= 5 years

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