Question

In what time will Rs. 5600 amount to Rs. 6720 at 8% per annum?​

Answer 1

Answer: 2 years

Step-by-step explanation:

If Interest= Principal x rate x time/100; then time is (100 × Interest)/(Principal × Rate)

From the question, old Principal is 5600, new principal =6720, the difference is the interest accrued.

Interest = 6720 - 5600 = Rs 1120

Rate = 8% = 8 ÷ 100 = 0.08

Time = x

Then, slot the values into the formula

Time= 100 x 1120 / 6720 x 8

= 112000/53760

=2.08

Time= 2years

I hope this helps