Question

5. A saving account opened 3 months ago now has balance of 2,040. If the bank pays 8% simple interest, how much money was deposited?

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Answer 1

Answer:

Let P be amount deposited

R be % rare of interest 8 (assumed/year)

T be time in years=3/12

Amount =P+Interest

=P+PRT/100

2040=P(1+8.3/12.100)

P=2040/1.02

= 2000 Rs

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Answer 2

Answer:  The money deposited was  2000 Rs when rate of interest was 8% and time is 3 months and the amount received after 3 months is 2040 Rs

Step-by-step explanation:

Let P be the amount deposited in savings bank account and R be % rare of interest and T be time in years
As we know by formula,
Simple interest =P×R×T/100
Given,
Rate of interest=8%
Time= 3 months i.e. 3/12
Amount=2040
we have to find the P

∵Amount =P+ Interest

                =P+ (P×R×T)/100
                =P[1+R×T/100]

⇒2040=P(1+8×3/12×100)
⇒2040=P(1+1/50)

⇒2040=P(51/50)

∴        P =2040/1.02

             = 2000 Rs

Hence, the amount deposited was 2000Rs


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