Question

Principal = 5300=5300 rupees

Annual rate of interest = 6.5 \%=6.5%
Total amount = 6678=6678 rupees
Period =

(?) years

Answer 1

Using the formula:

`A=P+I`

where

A is the total amount

P is the principal

I is the Simple Interest

As per the statement:

Principal(P) = 5300 rupees.

rate of interest(r) = 6.5% = 0.065

Total amount(A) = 6678 rupees.

Then using above formula we have;

`6678 = 5300+I`

Subtract 5300 both sides we get;

`1378 = I`

or

`I = \$1378`

We have to find the time period.

Using formula of Simple interest:

`I = Prt`

where r is the rate of interest (in decimal)

here, r = 6.5% = 0.065

Substitute the given values top find t:

`1378 = 5300 \cdot 0.065 \cdot t`

⇒
`1378 = 344.5t`

Divide both sides by 344.5 we have;

`4  = t`

Therefore, the time period t in years is 4 years