SIMPLE INTEREST C2

Riddhi deposited the amount of 30,000/= in a bank which gives an interest rate of 4% and got a profit of 9600/=. For how long did she deposit the money in a bank? 

Solution

I = 9,600/=, P = 30,000/=, T = ?, R = 4%

I  = PRT

      100

9,600  = 30,000 x 4 x T

                      100

9,600  = 30,000 x 4 x T

                      100

9,600  = 1,200 x  T

                     

9,600  = 1,200T

          

⁸9,600  =  1,200T

  1,200      1,200

T = 8

Hence the time was  8 years.

TRY THIS……………….

Karimjee deposited the amount of 40,000/= in a bank which gives an interest rate of 5% and got a profit of 12,000/=. For how long did she deposit the money in a bank?