SIMPLE INTEREST B6

Sonam deposited the amount of 30,000/= in a bank which gives an interest rate of 3% and got a profit of 1800/=. For how long did she deposit the money in a bank? 

Solution

I = 1,800/=, P = 30,000/=, T = ?, R = 3%

I  = PRT

      100

1,800  = 30,000 x 3 x T

                      100

1,800  = 30,000 x 3 x T

                      100

1,800  = 900 x  T

                     

1,800  = 900T

           

²1,800  =  900T

   900        900

T = 2

Hence the time was  2 years.