Answer:
The time period for deposit in bank is 8 years .
Step-by-step explanation:
Given as :
The principal amount deposited in account = p = $600
The rate of interest = r = 2.5% simple interest
The Interest earn after T years = s.i = $120.
The time period for deposit in bank = T years
Now, From Simple Interest method
Simple Interest = [tex]\dfrac{\textrm principal\times \textrm rate\times \textrm time}{100}[/tex]
Or, s.i = [tex]\dfrac{\textrm p\times \textrm r\times \textrm T}{100}[/tex]
Or, $120 = [tex]\dfrac{\textrm 600\times \textrm 2.5\times \textrm T}{100}[/tex]
Or, 120 = [tex]\dfrac{1500\times T}{100}[/tex]
Or, $120 = $15 × T
∴ T = [tex]\dfrac{120}{15}[/tex]
i.e T = 8 years
So, The time period for deposit in bank = T = 8 years
Hence,The time period for deposit in bank is 8 years . Answer
