Question

Find the period. Principal = 9300 =9300equals, 9300 rupees Annual rate of interest = 13 % =13%equals, 13, percent Total amount = 17 , 763 =17,763equals, 17, comma, 763 rupees Period = =equals years

Answer 1

7 years

Explanation:

Given:

Principal P = 9300

Interest rate r = 13% = 0.13

Final amount F = 17,763

Since the problem does not state that it is a compounded interest, we will assume this is a simple interest case.

The formula for simple interest is;

Interest I = Prt .....1

t = period

Final amount F = P + I

I = F-P

Substituting into equation 1;

(F-P) = Prt

t = (F-P)/Pr

Substituting the given values;

t = (17,763 - 9300)/(9300×0.13)

t = 7 years

Period = 7 years