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
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