simple interest and compound interest formula with examples - Wikitechy https://www.wikitechy.com/interview-questions/tag/simple-interest-and-compound-interest-formula-with-examples/ Interview Questions Mon, 06 Sep 2021 05:32:24 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://www.wikitechy.com/interview-questions/wp-content/uploads/2025/10/cropped-wikitechy-icon-32x32.png simple interest and compound interest formula with examples - Wikitechy https://www.wikitechy.com/interview-questions/tag/simple-interest-and-compound-interest-formula-with-examples/ 32 32 Ramakant wants to earn Rs. 1500 interest on his deposits. He plans to buy a sack of grains with the interest. He puts Rs. 5,000 into his account that earns 2.5% interest. How long will he need to leave his money in the account to earn this interest that would help him buy the sack of grains ? https://www.wikitechy.com/interview-questions/simple-interest/ramakant-wants-to-earn-rs-1500-interest-on-his-deposits-he-plans-to-buy-a-sack-of-grains-with-the-interest-he-puts-rs-5000-into-his-account-that-earns-2-5-interest-how-long-will-he-need-to-leav/ https://www.wikitechy.com/interview-questions/simple-interest/ramakant-wants-to-earn-rs-1500-interest-on-his-deposits-he-plans-to-buy-a-sack-of-grains-with-the-interest-he-puts-rs-5000-into-his-account-that-earns-2-5-interest-how-long-will-he-need-to-leav/#respond Wed, 18 Aug 2021 02:33:59 +0000 https://www.wikitechy.com/interview-questions/?p=2067

Ramakant wants to earn Rs. 1500 interest on his deposits. He plans to buy a sack of grains with the interest. He puts Rs. 5,000 into his account that earns 2.5% interest. How long will he need to leave his money in the account to earn this interest that would help him buy the sack of grains ?

A . 8 years

B . 10 years

C . 12 years

D . 15 years

Answer : C . 12 years

Explanation :

S.I = 1500
P = 5000
R = 2.5
S.I = P * T * R / 100
P * T * R / 100 = 1500
(5000 * 2.5 * T) / 100 = 1500
T = 12 years.

]]> https://www.wikitechy.com/interview-questions/simple-interest/ramakant-wants-to-earn-rs-1500-interest-on-his-deposits-he-plans-to-buy-a-sack-of-grains-with-the-interest-he-puts-rs-5000-into-his-account-that-earns-2-5-interest-how-long-will-he-need-to-leav/feed/ 0