Solve for the unknown number of years in each of the following: a) Principal amount = 500, Interest rate = 8%, Simple interest = 400, b) Principal amount = 100, Interest rate = 10%, Simple interest = 550.

Solve for the unknown number of years in each of the following: a) Pri

1.	Solve for the unknown number of years in each of the following: a) Principal amount = 500, Interest rate = 8%, Simple interest = 400, b) Principal amount = 100, Interest rate = 10%, Simple interest = 550.
Answer» ForPrincipal amount = 500, Interest rate = 8%, Simple interest = 400, The number of years is 10, and forPrincipal amount = 100, Interest rate = 10%, Simple interest = 550, the number of years is 55. Simple interest is very interesting concepts which have many practical applications in real life. Many of the money matters are solved using formulae related to this concept. Let's solve some problems so that you can be comfortable handling your money!