Question

How long will it take for a sum of ₹ 12,600 invested at 8% per annum become to Rs 15,624?

Answer 1

Given,
Principle = Rs 12,600
Rate of Interest = 8%
Amount = Rs 15624
Amount = Principle + Interest
Interest = Amount - Principle
= 15,624 - 12,600
= Rs 3.024
$\text{Interest}=\frac{P\times N\times R}{100}$
$3024=\frac{12600\times N\times 8}{100}$
$N=\frac{3024}{126\times 8}$
N = 3 Years
Therefore, 3 years are required.