Maths-
General
Easy

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,S I equals fraction numerator P T R over denominator 100 end fraction…(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 = fraction numerator 1020 cross times T cross times 2.5 over denominator 100 end fraction
    not stretchy rightwards double arrow T equals fraction numerator 17 cross times 100 over denominator 1020 cross times 2.5 end fraction

                                             not stretchy rightwards double arrow T equals 1700 over 2550 equals 0.6666 years                   .
    0.6666 years in months = 0.6666 cross times12 = 8 months.
    In 8 months, Rs 1020 will amount to Rs 1037 at 2.5% simple interest per annum.

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