Question

Find the period.Principal = 9300 rupeesAnnual rate of interest = 13%Total amount2317,763 rupeesPeriodyears

Answer 1

An

Given the following;

$\begin{gathered} \text{ Principal P= 9300rupees} \\ \text{Annual rate of interest r= 13\%} \\ \text{Total amount F}=\text{ 17,763 rupees} \end{gathered}$

Recall that the formula for simple interest is;

$\begin{gathered} F-P=\frac{Prt}{100} \\ \text{making t the subject of the formula;} \\ t=\frac{100(F-P)}{Pr} \end{gathered}$

Substituting the given values;

$\begin{gathered} t=\frac{100(17763-9300)}{9300(13)} \\ t=7\text{ years} \end{gathered}$

Therefore, the period equals;

$\text{Period = 7 years}$