SIMPLE INTEREST B1

Sonam deposited the amount of 30,000/= in a bank which gives an interest rate of 4% and got a profit of 4800/=. For how long did she deposit the money in a bank?

Solution

I = 4,800/=, P = 30,000/=, T = ?, R = 4%

I  = PRT

      100

4,800  = 30,000 x 4 x T

                      100

4,800  = 30,000 x 4 x T

                      100

4,800  = 1,200 x  T

                     

4,800  = 1,200T

           

⁴4,800  =  1,200T

  1,200      1,200

T = 4

Hence the time was  4 years.