In 2 1/2 years,Rs7320 amounts to rs 8662 at a certain rate of interest.in what time will rs 7200 amounts to rs 8916 at the same rate?
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In 2 1/2 years,Rs7320 amounts to rs 8662 at a certain rate of interest.in what time will rs 7200 amounts to rs 8916 at the same rate?
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Verified answer
Let rate of interest is r % per yearsimple interest formula is given by SI = P × r × t/100
∴ 8662 = 7320 + 7320 × r × (5/2)/100 [ ∵ time taken = 2 1/2 years = 5/2 years ]
1342 = 183r
r = 1342/183
Now , Let time taken Is T will be 7200 amount to RS 8916 the same rate .
8916 = 7200 + 7200 × 1342/183 × T/100
1716 = 72 × 1342 × T/183
1716 × 183 = 72 × 1342 T
T = 1716 × 183/72 × 1342 years = 3.25 years = 3 1/4 years