You deposit 5000 rupees in an account that earns 6.25% simple interest

1.	You deposit 5000 rupees in an account that earns 6.25% simple interest. How many years will it take your account balance to reach 7500 rupees?
Answer» Principal (P) = ₹5000 Rate of interest (R) = 6.25 % Amount (A) = ₹7500 Time = T YEARS $\sf{\purple{Interest (I) = A - P}}$ $\sf{\purple{ = ₹7500 - ₹5000}}$ $\sf{\purple{ = ₹2500}}$ $\bold{\red{I = \dfrac{PTR}{100}}}$ $\bold{\red{T = \dfrac{100I}{PR}}}$ $\bold{\red{T = \dfrac{1\cancel{00}×250\cancel{0}}{5\cancel{000}×6.25}}}$ $\bold{\red{T = \dfrac{250}{31.25}}}$ $\boxed{\bold{\red{T = 8 \:years}}}$