How many years will it take for an investment of Tk. 10000 to earn Tk. 3000 in simple interest at a rate of 6%?

Question: How many years will it take for an investment of Tk. 10000 to earn Tk. 3000 in simple interest at a rate of 6%?

Solution:
Given that,
Principal, P = 10000
Simple Interest, I = 3000
Rate of interest, r = 6%
Time, n = ?

We know,
I = Pnr/100
⇒ 3000 = (10000 × n × 6)/100
⇒ 3000 = 100 × n × 6
⇒ 3000 = 600n
⇒ n = 3000/600
⇒ n = 5

So, it will take 5 years for the investment to earn Tk. 3000 at 6% simple interest.