Anita deposits Rs.1000 in a savings bank account and receives Rs.1050. The bank pays
interest at a rate of 5% per annum. Find the period of investment in years.
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1
Answer:
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Answered by
0
Answer:
1 year
Explanation:
Principal = Rs.1000
Amount = Rs.1050
So the Simple Interest = 1050-1000 = 50
Rate = 5%
We know that S.I.= P×R×t ÷ 100
So 50 = 1000×5×t ÷ 100
50 = 5000t ÷ 100
50 = 50t
Therefore we get time (t) = 50÷50
= 1 year.
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