Question

JAFTA INVESTED ONE HALF OF HIS SAVINGS IN A BOND THAT PAID 9.5% SIMPLE INTEREST PER YEAR FOR TWO YEARS AND RECEIVES R 589.00 AS INTEREST. THE VALUE OF HIS TOTAL SAVINGS BEFORE MAKING THE INVESTMENT WAS?

Answer 1

Answer:

₹620000

STEP BY STEP :

intrest = ₹589

rate = 9.5℅

time = 2 years

principle = ?

principle = (intrest × 100)/(rate×time)

=> P = (589 × 100)/(9.5×2)

=> P = 3100

so

savings = 3100 × 2 = ₹6200