7. You deposit Rs. 350 into a bank account paying 1.2% simple interest per month. If
you receive Rs. 9 as interest, find the time for which the money stayed at the bank.
Answers
Step-by-step explanation:
1.2 % of 350 = (12/1000)*350
= (12/100)*35
= (6/50)*35
= (3/5)*7
= 21/5
= 4.2
So , 9/4.2 = 2.14285714 Month .
Given : Rs. 350 is deposited into a bank account paying 1.2% simple interest per month. Rs. 9 is received as interest.
To find : The time for which the money stayed at the bank.
Solution :
We can simply solve this mathematical problem by using the following mathematical process. (our goal is to calculate the required time)
In case of simple interest :
I = (P × R × T)/100
Where,
- I = Interest
- P = Principal amount
- R = Rate of interest
- T = Time
In the given case,
- I = Rs. 9
- P = Rs. 350
- R = 1.2% per month
- T = Let, x months
By, putting the available data in the above mentioned mathematical formula, we get :
9 = (350 × 1.2 × x)/100
9 = 4.2 × x
x × 4.2 = 9
x = 9/4.2
x = 2.143 (approx.)
So, the time for which the money stayed at the bank = x months = 2.14 months
(This will be considered as the final result.)
Hence, the money stayed at the bank for approximately 2.143 months.