Question

The interest on $Rs500$ amounts to $Rs60$ in $2years$ at the rate per annum. In how much time will $Rs800$ amount to $Rs1,232$ with the same rate?

Answer 1

As simple intrest $=\frac{Principle\times rate\times time}{100}$

$\Rightarrow 60=\frac{500\times r\times 2}{100}\Rightarrow r=\frac{r}{=}\frac{60}{10}=6$%

Now, $(1232-800)=\frac{800\times 6]timest}{100}$

$\Rightarrow 432=48t\Rightarrow t=9years$