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Question
In how many years will be ₹ 870 amount to ₹1,044, the rate of interest being `2 1/2`% p.a.?
Sum
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Solution
Principal (P) = ₹ 870
Amount (A) = ₹ 1044
∴ S.I. = A − P
= ₹ 1044 − ₹ 870
= ₹ 174
Rate (R) = `2 1/2`
= `5/2 %` p.a.
= 2.5%
∴ Time = `("S.I." xx 100)/(P xx R)`
= `(174 xx 100)/(870 xx 2.5)`
= 8 years
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