Question

How much money had Mrs Verma deposited in a bank if she finds that after 3 months , the bank has paid Rs.281.25 as interest at the rate of 4.5% per annum?

Answer 1

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Let, the amount deposited be x.

Now, principal = x.
Time = 3 months = 1/4 year.
Rate of interest = 4.5%

So, by condition,
(x * 1 * 45) / (100 *10 *4) = 28125/100
Or, x*45 = 28125 * 10 * 4.
Or, x = (28125 * 2 * 4) / 9
Or, x = 3125*8 = 25000

Thus, Mrs Verma deposited Rs. 25,000 in the bank.

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