Question

Archana wants to buy a TV that costs Rs. $19,000$ but she has only Rs. $15,000$. So she decides to invest her money at $8\%$ simple interest per year. After how many years, will she be able to buy the TV?

Answer 1

Amount of money she needs extre $=19000-15000=$ Rs. $4000$
So, she needs Rs. $4000$ extra as simple interest.
We have to find time $T$ when $SI=4000$
Now, $SI=\frac{P\times R\times T}{100}$
$\Rightarrow 4000=\frac{15000\times 8\times T}{100}$
$\Rightarrow 4000=150\times 8\times T$
$\Rightarrow T=3.33$ years.