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.
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.
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