Question

In what time will $Rs.7500$ amount to $Rs.8625$, if simple interest is reckoned at $7\frac{1}{2}$ per annum?

Answer 1

The amount is given as $Rs8625$ and the principle is given as $Rs7500$ with the rate of $\frac{15}{2}\%$. Then, the simple interest will be,

$S.I.=Amount-Principle$

$=8625-7500$

$=1125$

Now,

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

$1125=\frac{7500\times 15\times T}{2\times 100}$

$T=\frac{1125\times 200}{7500\times 15}$

$T=2years$