Question

John deposits Rs 25 000 in a bank which pays simple interest at the rate of 9% per year. after how many years will he earn an interest of Rs 6750?

Answer 1

I = 6750

P= 25000

r = 9% = 0.09

t=?

I= prt

6750 = 25000×0.09× t

t = 6750/25000"0.09 = 3

Answer - 3 years.