Question

Find the period.Principal = 9300 rupeesAnnual rate of interest = 13%Total amount2317,763 rupeesPeriodyears

Answer 1

An

Given the following;

`\begin{gathered} \text{ Principal P= 9300rupees} \\ \text{Annual rate of interest r= 13\%} \\ \text{Total amount F}=\text{ 17,763 rupees} \end{gathered}`

Recall that the formula for simple interest is;

`\begin{gathered} F-P=(Prt)/(100) \\ \text{making t the subject of the formula;} \\ t=(100(F-P))/(Pr) \end{gathered}`

Substituting the given values;

`\begin{gathered} t=(100(17763-9300))/(9300(13)) \\ t=7\text{ years} \end{gathered}`

Therefore, the period equals;

`\text{Period = 7 years}`