Question

In how much time will $Rs500$ amount to $Rs600$ at $5\%$ per annum.

Answer 1

Given that,

Principle$=Rs.500$

Rate of interest$=3$%

Amount$Rs.600$

Simple interest =amount -principal

$=600-500=Rs.100$

$\begin{array}{c}S.I=\frac{p\times r\times t}{100}\\ 100=\frac{500\times 5\times t}{100}\\ t=\frac{100\times 100}{500\times 5}\end{array}$

$\frac{100}{25}=t$

$t=4$

Then,

We get time will be $4$ years.