Given that the principal=Rs.3500, Interest=Rs.700, and rate=5% p.a. Calculate the time period.

Hint: Make use of the formula of simple interest and find out a formula for time period and calculate the time period from the data given.

Complete step-by-step answer:
Given Principal= Rs.3,500
Simple Interest= Rs.700
Rate of interest= 5% p.a
Time period=?
To solve this, make use of the formula of simple interest and solve this
We know that $SI = \dfrac{{PTR}}{{100}}$
So, we get time period T=$\dfrac{{SI \times 100}}{{P \times R}}$
                                          T=$\dfrac{{700 \times 100}}{{3500 \times 5}}$
                                          T=$\dfrac{{70000}}{{17500}} = 4$
So, we get time period T = 4years

Note: In this question, we have been asked to find out the time period, in case we have been asked to find out some other quantity, modify the formula accordingly and find out the required value.