How much time will it take for an amount of Rs. 450 to yield Rs. 81 as interest at 4.5% per annum of simple interest?3.5 years4 years4.5 years5 years
Question
How much time will it take for an amount of Rs. 450 to yield Rs. 81 as interest at 4.5% per annum of simple interest?3.5 years4 years4.5 years5 years
Solution
The formula for simple interest is I = PRT/100, where:
I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time period
In this case, we are given:
I = Rs. 81 P = Rs. 450 R = 4.5%
We need to find T.
Rearranging the formula to find T, we get:
T = I * 100 / (P * R)
Substituting the given values into the formula, we get:
T = 81 * 100 / (450 * 4.5)
Calculating the above expression gives us:
T = 4 years
So, it will take 4 years for an amount of Rs. 450 to yield Rs. 81 as interest at 4.5% per annum of simple interest.
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