Find the time in which ₹2000 will amount to ₹2330 at 11% per annum.

Given :

Principal(P) $= 2000$.

Amount $= 2330$.

Rate of interest(R) $= 11$%.

To do :

We have to find the time period(n).

Solution :

Simple interest $= \frac{PnR}{100}$

$Interest = Amount - principal = 2330 - 2000 = 330$ 
 

$330 = \frac{2000 \times n \times 11}{100}$

$n = \frac{330 \times 100}{2000 \times 11}$

$n=\frac{33}{22}$

$n = \frac{3}{2}$

$n = 1.5$

Therefore, time period is 1.5 years.

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Updated on: 10-Oct-2022

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