Question

A sum of money invested at 20% per annum simple interest amounts to
Rs. 650 in 12 years. What will it amount to in 2 years at 12% per annum
simple interest

Answer 1

Answer:

A sum of money invested at 20% per annum simple interest amounts to

Rs. 650 in 12 years. it will amount to 65.04 in 2 years at 12% per annum

Step-by-step explanation:

Formula for Simple Interest is \frac{P\times N\times r}{100}\;.

where P is the Principle, R is rate of interest , N is the number of years

\frac{p\times12\times20}{100} =650

hence  \frac{650\times100}{20\times12} = 271  rounded

Now P = 271 N= 2 R = 12 Simple interest  is \frac{271\times2\times12}{100} = 65.04