If 5500 is invested in a bank for 1.5 years at the rate of 6.5% per annum, find the amounts returned by the bank
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Answer:
Rs 6036.25
Step-by-step explanation:
***Assuming the amount is invested on simple interest.
Principal (P) = 5500
Rate (R) = 6.5% p.a.
Time (T) = 1.5 years
As we know,
Amount = (P*R*T)/100 + P
= (5500 * 6.5 * 1.5)/100 + 5500
= 536.25 + 5500
= 6036.25
Hence, Rs 6036.25 will be returned by the bank.
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