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Question
In What time will ₹ 16,500 amount to ₹ 22,935 at 13% per annum?
Solution
Rate of interest r = 13% per annum
Here Amount A = ₹ 22,935
Principal P = ₹ 16,500
A = P + I
22935 = 16,500 + I
∴ Interest I = 22935 – 16,500 = ₹ 6,435
Simple Interest I = `"Pnr"/100`
6435 = `(16500 xx "n" xx 13)/100`
n = `(6435 xx 100)/(16500 xx 13)`
n = 3 years
Required time n = 3 years
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