The time in which the principal amount of $$ 500$ dollars lent at a rate of $7.5$ per annum earns an interest of $$ 150$ dollars is years.

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Solution

Given: Principal amount $(P) = $ 500$
Rate of interest $(R) = 7.5 %$
Simple Interst $(S I) = $ 150$
Time $(T) = ?$
We know: $S I = \frac{P \times R \times T}{100}$

$\Rightarrow 150 = \frac{500 \times 7.5 \times T}{100}$

$\Rightarrow T = \frac{150 \times 100}{500 \times 7.5} = 4$ years

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600

dollars is deposited in a bank account for

4

years at

8

% per annum . Calculate interest using compound interest formula.

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The time in which the principal amount of $500 dollars lent at a rate of 7.5 per annum earns an interest of $150 dollars is years.

Given: Principal amount (P)=$ 500 Rate of interest (R)=7.5% Simple Interst (SI)=$150 Time (T)=? We know: SI=P×R×T100 ⇒150=500×7.5×T100 ⇒T=150×100500×7.5=4 years

The time in which the principal amount of $$ 500$ dollars lent at a rate of $7.5$ per annum earns an interest of $$ 150$ dollars is years.

Given: Principal amount $(P) = $ 500$
Rate of interest $(R) = 7.5 %$
Simple Interst $(S I) = $ 150$
Time $(T) = ?$
We know: $S I = \frac{P \times R \times T}{100}$

$\Rightarrow 150 = \frac{500 \times 7.5 \times T}{100}$

$\Rightarrow T = \frac{150 \times 100}{500 \times 7.5} = 4$ years