Question 74

How much time will it take a principal of ₹640 to yield ₹768 as an amount at 2.5% simple interest per annum?

Solution

principal amount + interest = principal amount + $$\frac{principal\ amount\times\ rate\ of\ interest\times\ time}{100}$$

768 = 640 + $$\frac{640\times\ 2.5\times\ time}{100}$$

$$\frac{640\times\ 2.5\times\ time}{100} = 768-640 = 128$$

$$\frac{1600 \times time}{100} = 128$$

$$16 \times time = 128$$

time = 8 years

Share on Whatsapp Share on Whatsapp

Create a FREE account and get: