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In what time will ₹300 amount to ₹360 at the rate of 5% per annum simple interest?
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In what time will ₹300 amount to ₹360 at the rate of 5% per annum simp...
Calculating Time for Simple Interest
Understanding the formula for simple interest is crucial when solving problems like the one given. The formula for calculating simple interest is:
\[
I = P \times R \times T
\]
where:
- \(I\) is the interest amount
- \(P\) is the principal amount (initial amount)
- \(R\) is the rate of interest per annum
- \(T\) is the time in years
Given Data
In this case, the principal amount (\(P\)) is ₹300, the rate of interest (\(R\)) is 5% per annum, and the interest amount (\(I\)) is ₹60 (since ₹360 - ₹300 = ₹60).
Calculating Time
Substitute the given values into the formula:
\[
60 = 300 \times 0.05 \times T
\]
Solving for \(T\):
\[
T = \frac{60}{300 \times 0.05} = \frac{60}{15} = 4
\]
Therefore, it will take 4 years for ₹300 to amount to ₹360 at a rate of 5% per annum simple interest.
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In what time will ₹300 amount to ₹360 at the rate of 5% per annum simple interest?
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In what time will ₹300 amount to ₹360 at the rate of 5% per annum 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 what time will ₹300 amount to ₹360 at the rate of 5% per annum simple interest? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In what time will ₹300 amount to ₹360 at the rate of 5% per annum simple interest?.
In what time will ₹300 amount to ₹360 at the rate of 5% per annum 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 what time will ₹300 amount to ₹360 at the rate of 5% per annum simple interest? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In what time will ₹300 amount to ₹360 at the rate of 5% per annum simple interest?.
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