Bank
A man depasited Rs 1000 in a boon in return
he gat Rs 1 133) Bank gave interest lot
for annum. How long did che keep the
money in the bank
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The man deposits Rs. 1200 on the 1st day.
∴ He receive compound interest at the rate of 5 % interest for one year.
Now we know for compound interest
total amount =P(1+
100
r
)
n
[ where P is the principle , n is the time and r is rate of interest.]
Hence, amount =1200(1+
100
5
)
1
=1260/−
Now he again deposits Rs. 1200
Therefore the principle becomes (1260 + 1200 ) = Rs. 2460
Now again he gets interests on it for the last year.
Hence, amount =2460(1+
100
5
)
1
=2583/−
And bank does not give interest for 10 days.
Hence after 2nd year the amount will be Rs. 2583 .
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