Question

In What time will Rs 16,500 amount to Rs 22,935 at 13% per annum?

Answer 1

Rate of interest r = 13% per annum 

Here Amount A = Rs 22,935 

Principal P = Rs 16,500 

A = P + I 

22935 = 16,500 + I 

∴ Interest I = 22935 – 16,500 

= Rs 6,435 

Simple Interest I = \(\frac{pnr}{100}\)

6435 = \(\frac{16500\,\times\,n\,\times\,13}{100}\)

n = \(\frac{6435\times100}{16500\times13}\)

n = 3 years 

Required time n = 3 years