Question

In how many years will Rs. 9,000 amount to Rs. 11,700 at 10% simple interest per annum?

Solution

1. Interest = Amount - Principal = 11,700 - 9,000 = Rs. 2,700.
2. Use T = (SI x 100) / (P x R).
3. T = (2,700 x 100) / (9,000 x 10) = 3 years.