Question

# In how many months will Rs. 1020 amount to Rs 1037 at 2 ½ % simple interest per annum

Hint:

### Find simple interest from total and principal amount given and then find the number of months.

## The correct answer is: 8 months.

### Complete step by step solution:

We know the formula for total amount = A = P + SI…(i)

where A is the total amount, P is the principal amount and SI is simple interest.

Here, we have A = 1037 Rs and P = 1020 Rs

On substituting the known values in (i), we get SI = 1037 - 1020 = 17

So, we have SI - 17 Rs

We calculate simple interest by the formula,…(ii)

where P is Principal amount, T is number of years and R is rate of interest

Here, we have R = 2.5% ,SI = 17,P = 1020 and T = ?

On substituting the known values in (ii), we get 17 =

years .

0.6666 years in months = 0.6666 12 = 8 months.

In 8 months, Rs 1020 will amount to Rs 1037 at 2.5% simple interest per annum.

0.6666 years in months = 0.6666 12 = 8 months.

In 8 months, Rs 1020 will amount to Rs 1037 at 2.5% simple interest per annum.

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