A sum of money invested at 8% per annum for simple interest amounts to rs 12122 in 2 years . What will it amounts to in 2 year 8 months at 9% rate of interest???
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We know that
A = P(1 + rt/100)
12122 = P(1 + 16/100)
12122 = p(116/100)
p = 12122 * 100/116
P = 10450.
After 2 years 8 months,
it will be 10450 * (1 + 8/3 * 9/100)
= 10450 * 124/100
= 12958.
hope this help you.....,
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