Question 68

In what time will ₹13,000 lent at 4 percent per annum on simple interest amount to ₹13,780?

Solution

principal = 13000

rate = 4%

interest = 13780-13000 = 780

$$simple\ interest\ =\ \frac{principal\times\ rate\times\ time}{100}$$

$$780\ =\ \frac{13000\times4\times\ time}{100}$$

$$6\ =\ 4\times\ time$$

$$time=\frac{6}{4}$$

time = 1.5 years

= 1 year 6 months [1 year = 12 months, then 0.5 year = 6 months]

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