SIMPLE INTEREST B8

Riya deposited the amount of 10,000/= 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 = 1,200/=, P = 10,000/=, T = ?, R = 6%

I  = PRT

      100

1,200  = 10,000 x 6 x T

                      100

1,200  = 10,000 x 6 x T

                      100

1,200  = 600 x  T

                     

1,200  = 600T

           

²1200  =  600T

   600       600

Hence the time was  2 years.