If simple interest for 5 years is equal to 30% of the principal, it will equal to the principal after:-14 years16 years 8 months16 years 4 months14 years 6 months
Question
If simple interest for 5 years is equal to 30% of the principal, it will equal to the principal after:-14 years16 years 8 months16 years 4 months14 years 6 months
Solution
The simple interest is given by the formula I = PRT/100, where I is the interest, P is the principal, R is the rate of interest, and T is the time in years.
From the problem, we know that the interest for 5 years is 30% of the principal. So, we can write this as:
30P/100 = P5R/100
Solving for R, we get R = 6%.
Now, we want to find the time it takes for the interest to equal the principal. We can set up the equation:
P = PRT/100
Substituting R = 6%, we get:
1 = 0.06*T
Solving for T, we get T = 16.67 years.
So, the interest will equal the principal after approximately 16 years and 8 months.
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