Time = 5 unit ( as per the unit of time given) for $1000 to become $1300 at a rate of 5.
What is amount?
" Amount is the total money which has to be paid back with interest at the end of time period for which it has borrowed."
Formula used
Amount = P [ 1 + (RT) / 100]
P = Principal
R = Rate of interest
T = time period
According to the question,
'T' represents the time for which money is borrowed
Given,
Principal = $1000
Rate of interest = 5
Amount = $1300
Substitute the value in the formula we get,
1300 = 1000 [ 1 + (5T/ 100) ]
⇒ (1300) /(1000) = 1 + (5T/ 100)
⇒(1300/1000) - 1 = 5T /100
⇒5T /100 = 300 / 1000
⇒ T = 30 / 5
⇒ T = 6 unit ( as per the unit of time given)
Hence, time = 5 unit ( as per the unit of time given) for $1000 to become $1300 at a rate of 5.
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