a certain amount was deposited into a bank account having a simple interest rate of 5%. if the total amount after 4 years was ₹1,500, how much was the amount deposited initially? for the same initial amount, how should the interest rate increase such that the simple interests would amount to ₹ 400?
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Answer:
1250, 6.4%
Step-by-step explanation:
Let deposited amount be x
I=P*R*T/100=x*5*4/100=x/5
A= P+ I= x+x/5=6x/5
Given Amount = 1,500=> 6x/5=1500=> x=1,250
Initial amount deposited was 1,250
Now Given I=400, P=1250, T=4, R=?
I=PRT/100
400=1250*R*5/100
R=400*100/1250*5=6.4%
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