Question
Download Solution PDFIn how many years will a sum of Rs. 9,500 amount to Rs. 11,780 at the rate of 8% per annum at simple interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A sum of Rs. 9,500 amount to Rs. 11,780 at the rate of 8% per annum at simple interest
Formula used:
Simple interest = P × R × T / 100 [ P = principal, R = rate of interest, T = time]
Calculation:
Let, Time = T
Simple interest is (11780 - 9500) = 2280
As per the question,
⇒2280 = 9500 × 8 × T / 100
⇒ T = 3 years
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