0.11. Mohan deposited 28,000 in a bank at the rate of interest 7.5%. He collected 38,400 as interest at the end of the term. For how many years had he deposited the money?
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ANSWER: 50Amount deposit in saving account = Amount deposit in fix deposit
Saving account on simple interest = x% annually
Period of time for which deposited in saving account = 6 year
Fix deposit on compound interest = 10% annually
Period of time for which deposited in fix deposit = 2 year
Total interest he get from saving account : Total interest get on fix deposit in the ratio of = 6 : 7
If bank provide (x + 3)% rate annually on saving account deposit, then difference of interest arise Rs.7,500 between saving account and fix deposit after respective time period0001.
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