Anita invested Rs 8,000 at 7½ percent per annum for 2 years and 4 months. How much interest she got at the end of the period? *
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Answer:
GIVEN :-
Principal (P) = Rs. 8000
Rate (R) = 71/2 % per annum.
Time (T) = 2 years 4 month
TO FIND :-
The simple interest (S.I)
SOLUTION :-
⇒ Time = 2 years 4 month
= ( 2 + 1/12 × 4 ) years
= ( 2 + 1/3 ) years
= 7/3 years
⇒ S.I = (P × R × T)/100
=(8000 × 71/2 × 7/3)/100
= (4000 × 71 × 7/3)/100
= (40 × 71 × 7)/3
= 6626.66
Hence simple interest is Rs. 6626.6.
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