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In how much time (in years) will Rs. 8000 amount to Rs. 9600 at simple interest at the rate of 5% per annum?
- a)4 years
- b)100 years
- c)110 years
- d)160 years
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
In how much time (in years) will Rs. 8000 amount to Rs. 9600 at simple...
Simple interest = (P × t × r)/100
P = Principal
t = Time period
r = Rate of interest
Given,
P = Rs. 8000
r = 5%
Simple Interest = Rs. (9600 - 8000) = Rs. 1600
1600 = (8000 × t × 5)/100
⇒ 400 t = 1600
⇒ t = 4 years
Most Upvoted Answer
In how much time (in years) will Rs. 8000 amount to Rs. 9600 at simple...
Given:
Principal amount (P) = Rs. 8000
Amount (A) = Rs. 40,000
Rate of interest (R) = 4%
Time (T) =?
Formula Used:
Simple Interest = (P * R * T)/100
Amount = P + Simple Interest
Explanation:
We have to find the time required for Rs. 8000 to grow to Rs. 40,000 at a rate of 4% per annum.
Let's assume the time required is T years.
Using the formula of simple interest, we can calculate the interest earned in T years as follows:
Simple Interest = (P * R * T)/100 = (8000 * 4 * T)/100 = 320T
Now, we can calculate the amount after T years as follows:
Amount = P + Simple Interest = 8000 + 320T
We know that the final amount is Rs. 40,000. So we can equate the above equation to 40,000 and solve for T as follows:
8000 + 320T = 40,000
320T = 32,000
T = 100 years
Therefore, it will take 100 years for Rs. 8000 to grow to Rs. 40,000 at a rate of 4% per annum, when simple interest is being used.
Answer: Option A (100 years)
Principal amount (P) = Rs. 8000
Amount (A) = Rs. 40,000
Rate of interest (R) = 4%
Time (T) =?
Formula Used:
Simple Interest = (P * R * T)/100
Amount = P + Simple Interest
Explanation:
We have to find the time required for Rs. 8000 to grow to Rs. 40,000 at a rate of 4% per annum.
Let's assume the time required is T years.
Using the formula of simple interest, we can calculate the interest earned in T years as follows:
Simple Interest = (P * R * T)/100 = (8000 * 4 * T)/100 = 320T
Now, we can calculate the amount after T years as follows:
Amount = P + Simple Interest = 8000 + 320T
We know that the final amount is Rs. 40,000. So we can equate the above equation to 40,000 and solve for T as follows:
8000 + 320T = 40,000
320T = 32,000
T = 100 years
Therefore, it will take 100 years for Rs. 8000 to grow to Rs. 40,000 at a rate of 4% per annum, when simple interest is being used.
Answer: Option A (100 years)
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