Question

A sum of money invested at 8% per annum amounts to ₹12122 in 2 years . What will it amount to in 2 years 8 months at 9% per annum?

P- 12122,T- 2years,R-8%

what is the soluetion ?

needing correct answer and soluetion ​

Answer 1

Here, simple interest rate per annum is 8% , the time is 2 years and the final amount is Rs. 12122. Thus, the initial principal balance in hand is Rs. 10,450.