8. Palakh deposited 18000 in a bank which pays interest at the rate of 6% per annum.
(a) What is the amount that she will receive after 5 years?
(b) For what time should she invest her money so as to earn an amount of 30960?
he
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Answer:
a)23400 b)12 years
Step-by-step explanation:
a) formula:( simple interest = principal x (rate of interest x time) ) amount
= 18000 x( 6 x 5 ) / 100 = 180 x 30 + 18000
= 23400
b)formula : Time = SI x 100/ (principal x rate )
in this case the required in interest is 30960 - 18000 = 12960
Rate = 6 %, principal = 18000
therefore, 12960 x 100/ ( 18000 x 6 ) = 12
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