Question

Find the time when $₹1250$ amounts to $₹1950$ at $16\%perannum$.

Answer 1

Principal (P) = $₹1250$

Rate of interest (R) = $16\%perannum$

Let $T$be the time and $I$ be the simple interest.

Amount (A) = $₹1950$

Simple interest (I) = $A-P$

= $₹1950-₹1250=₹700$

$\Rightarrow \frac{P\times R\times T}{100}=₹700$

$\Rightarrow \frac{1250\times 16\times T}{100}=700$

$\Rightarrow T=\frac{700\times 100}{16\times 1250}$

$\Rightarrow T=\frac{7\times 100\times 100}{4\times 4\times 25\times 5\times 10}$

$\Rightarrow T=\frac{35}{10}$

$\Rightarrow T=\frac{7}{2}$

$\Rightarrow T=3.5$ years

Hence, time is $3.5years$