Question

How long will it take for a sum of $Rs.12600$ invested at 9% per annum at simple interest become to $Rs.16002$?

Answer 1

Given:

Principal Amount, $P=Rs.12600$

Total amount including the interest, $A=Rs.16002$

Rate of interest, $R=9\%$ per annum simple interest

Time, $T=?$

Thus,

Interest, $I=16002-12600=3402$

We know that,

$I=\frac{P\times R\times T}{100}$

$3402=\frac{12600\times 9\times T}{100}$

$T=\frac{3402\times 100}{12600\times 9}$

$T=3years$