SIMPLE INTEREST B7

Sonam deposited the amount of 20,000/= in a bank which gives an interest rate of 6% and got a profit of 1200/=. For how long did she deposit the money in a bank? 

Solution

I = 4,000/=, P = 20,000/=, T = ?, R = 5%

I  = PRT

      100

4,000  = 20,000 x 5 x T

                      100

4,000  = 20,000 x 5 x T

                      100

4,000  = 1000 x  T

                     

4,000  = 1000T

           

⁴4,000  =  1000T

   1000      1000

T = 4

Hence the time was  4 years.