Answer :
To solve this problem, we need to determine the time it takes for ₹7000 to earn ₹350 as interest at an annual rate of 5%. We'll use the formula for simple interest:
[tex]\[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \][/tex]
Here:
- The Principal (P) is ₹7000.
- The Interest (I) is ₹350.
- The Rate (R) is 5% per annum, which can be written as a decimal by dividing by 100, so R = 0.05.
We need to find the Time (T), so we rearrange the formula:
[tex]\[ \text{Time} = \frac{\text{Interest}}{\text{Principal} \times \text{Rate}} \][/tex]
Substitute the known values into the equation:
[tex]\[ \text{Time} = \frac{350}{7000 \times 0.05} \][/tex]
First, calculate the denominator:
[tex]\[ 7000 \times 0.05 = 350 \][/tex]
Now, divide the interest by this product:
[tex]\[ \text{Time} = \frac{350}{350} = 1 \][/tex]
Therefore, the time it takes for ₹7000 to earn ₹350 in interest at a 5% annual rate is 1 year.
[tex]\[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \][/tex]
Here:
- The Principal (P) is ₹7000.
- The Interest (I) is ₹350.
- The Rate (R) is 5% per annum, which can be written as a decimal by dividing by 100, so R = 0.05.
We need to find the Time (T), so we rearrange the formula:
[tex]\[ \text{Time} = \frac{\text{Interest}}{\text{Principal} \times \text{Rate}} \][/tex]
Substitute the known values into the equation:
[tex]\[ \text{Time} = \frac{350}{7000 \times 0.05} \][/tex]
First, calculate the denominator:
[tex]\[ 7000 \times 0.05 = 350 \][/tex]
Now, divide the interest by this product:
[tex]\[ \text{Time} = \frac{350}{350} = 1 \][/tex]
Therefore, the time it takes for ₹7000 to earn ₹350 in interest at a 5% annual rate is 1 year.
