Question

A savings account opened 3 months ago now has a balance of Rs 20, 400. If the

bank pays 8% simple interest, how much money was deposited?​

Answer 1

Answer:

3 months equal 1/4 year

now simple interest rate 2%

so 102%= 20400

100%=20000

Answer 2

Step-by-step explanation:

Let the amount of money deposited be X.

S.I => P×R×T

----------

100

=> X×8×3

-----------

100×12

=> 24X/1200

=> X/50

Now, X+ X/50= 20,400

=> 51X/50= 20,400

=> 51X = 20,400×50

=> X = 20,400×50/51

=> X = 400×50

=> X = 20000

Therefore, the amount of money deposited 3 months ago is 20,000Rs.

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