In what time will Rs. 5600 amount to Rs. 6720 at 8% per annum?​

Question

In what time will Rs. 5600 amount to Rs. 6720 at 8% per annum?​

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Delilah 2 weeks 2021-09-09T13:47:52+00:00 1 Answer 0

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    2021-09-09T13:49:01+00:00

    Answer: 2 years

    Step-by-step explanation:

    If Interest= Principal x rate x time/100; then time is (100 × Interest)/(Principal × Rate)

    From the question, old Principal is 5600, new principal =6720, the difference is the interest accrued.

    Interest = 6720 – 5600 = Rs 1120

    Rate = 8% = 8 ÷ 100 = 0.08

    Time = x

    Then, slot the values into the formula

    Time= 100 x 1120 / 6720 x 8

    = 112000/53760

    =2.08

    Time= 2years

    I hope this helps

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