Question

Rahul invested Rs. 70,000 in a bank at the rate of 6.5% interest received Rs. 85,925 after the end of the term. Find out the period for which the sum was invested by Rahul.

Answer 1

Rahul invested the sum for a period of 2.5 years.

Step-by-step explanation:

To find the period for which the sum was invested by Rahul, we can use the formula for simple interest: Interest = Principal x Rate x Time. We know the Principal is Rs. 70,000 and the Interest is Rs. 85,925. The Rate is given as 6.5%. So we can substitute these values into the formula and solve for Time:

85,925 = 70,000 x 0.065 x Time

Simplifying the equation gives:

Time = 85,925 / (70,000 x 0.065)

Calculating this gives:

Time = 2.5

Therefore, Rahul invested the sum for a period of 2.5 years.