Question

How long will it take for a sum of Rs $12600$ invested at $9\%$ per annum become to Rs $15624?$

Answer 1

We have,

Principal,$P=$Rs.$12600$ Rate,$R=9\%$

Amount,$A=$Rs.$15624$

We know that $A=P+S.I$

$\Rightarrow 15624=12600+S.I$

$\Rightarrow S.I=15624-12600=3024$

Now, $S.I=\frac{PRT}{100}$

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

$=\frac{3024\times 100}{12600\times 9}$

$=2$years$8$months.