Question

    Maya deposits Rs. 5,000 in a bank offering 10% p.a.

    simple interest. In how many months will her investment grow to Rs. 6,000?
    A 12 Correct Answer Incorrect Answer
    B 24 Correct Answer Incorrect Answer
    C 18 Correct Answer Incorrect Answer
    D 20 Correct Answer Incorrect Answer

    Solution

    ATQ, Interest earned = Rs. 6,000 - Rs. 5,000 = Rs. 1,000 Using the formula: Simplify : Time = [(1,000 × 12)/500] = 24 momths

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