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In how many years will rupees 500 amount to rupees 600 at the rate 5% per annum at simple interest?
Most Upvoted Answer
In how many years will rupees 500 amount to rupees 600 at the rate 5% ...
Understanding Simple Interest
Simple interest is calculated using the formula:
- Interest (I) = Principal (P) × Rate (R) × Time (T)
Where:
- Principal (P) is the initial amount of money,
- Rate (R) is the annual interest rate (in decimal),
- Time (T) is the number of years.
Given Data
- Principal (P) = 500 rupees
- Amount (A) = 600 rupees
- Rate (R) = 5% per annum = 0.05
Calculating the Interest
To find the simple interest earned, subtract the principal from the amount:
- Interest (I) = Amount (A) - Principal (P)
- Interest (I) = 600 - 500 = 100 rupees
Using the Simple Interest Formula
Rearranging the simple interest formula to find time:
- Time (T) = Interest (I) / (Principal (P) × Rate (R))
Substituting in the values:
- T = 100 / (500 × 0.05)
Calculating Time
- T = 100 / (25)
- T = 4 years
Conclusion
It will take 4 years for rupees 500 to amount to rupees 600 at a simple interest rate of 5% per annum.
Simple interest is calculated using the formula:
- Interest (I) = Principal (P) × Rate (R) × Time (T)
Where:
- Principal (P) is the initial amount of money,
- Rate (R) is the annual interest rate (in decimal),
- Time (T) is the number of years.
Given Data
- Principal (P) = 500 rupees
- Amount (A) = 600 rupees
- Rate (R) = 5% per annum = 0.05
Calculating the Interest
To find the simple interest earned, subtract the principal from the amount:
- Interest (I) = Amount (A) - Principal (P)
- Interest (I) = 600 - 500 = 100 rupees
Using the Simple Interest Formula
Rearranging the simple interest formula to find time:
- Time (T) = Interest (I) / (Principal (P) × Rate (R))
Substituting in the values:
- T = 100 / (500 × 0.05)
Calculating Time
- T = 100 / (25)
- T = 4 years
Conclusion
It will take 4 years for rupees 500 to amount to rupees 600 at a simple interest rate of 5% per annum.
Community Answer
In how many years will rupees 500 amount to rupees 600 at the rate 5% ...
4 years
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In how many years will rupees 500 amount to rupees 600 at the rate 5% per annum at simple interest?
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In how many years will rupees 500 amount to rupees 600 at the rate 5% per annum at simple interest? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about In how many years will rupees 500 amount to rupees 600 at the rate 5% per annum at simple interest? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In how many years will rupees 500 amount to rupees 600 at the rate 5% per annum at simple interest?.
In how many years will rupees 500 amount to rupees 600 at the rate 5% per annum at simple interest? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about In how many years will rupees 500 amount to rupees 600 at the rate 5% per annum at simple interest? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In how many years will rupees 500 amount to rupees 600 at the rate 5% per annum at simple interest?.
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