Question
Anuj invested a certain amount
for 18 months at a simple interest rate of 5% per annum and received a total of Rs. 3,440. What would be the total interest he would receive if he had invested the same amount for 8 years?Solution
ATQ,
Let the sum invested be Rs. 'P' Since, simple interest = (sum invested X rate p.a. X time in years) ÷ 100 So, P + P X 0.05 X (18/12) = 3440 Or, 1.075P = 3440 Or, P = 3200 Required interest = 3200 X 0.05 X 8 = Rs.1,280
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