Answer:
Using the formula:
[tex]A=P+I[/tex]
where
A is the total amount
P is the principal
I is the Simple Interest
As per the statement:
Principal(P) = 5300 rupees.
rate of interest(r) = 6.5% = 0.065
Total amount(A) = 6678 rupees.
Then using above formula we have;
[tex]6678 = 5300+I[/tex]
Subtract 5300 both sides we get;
[tex]1378 = I[/tex]
or
[tex]I = \$1378[/tex]
We have to find the time period.
Using formula of Simple interest:
[tex]I = Prt[/tex]
where r is the rate of interest (in decimal)
here, r = 6.5% = 0.065
Substitute the given values top find t:
[tex]1378 = 5300 \cdot 0.065 \cdot t[/tex]
⇒[tex]1378 = 344.5t[/tex]
Divide both sides by 344.5 we have;
[tex]4 = t[/tex]
Therefore, the time period t in years is 4 years
