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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Interest=450
Rate=5%
Time=3years
Principle=?
Principle=(Interest×100)/(Rate×Time)
=(450×100)/(5×3)
=1545000
=3000
therefore
sum paid after 3 years=3000+450=3450
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