Question

javed deposited ₹ 12,000 at 9 p.c.p.a in q bank for some years. At the end of the period he received altogether ₹ 17,400. for how much years did he deposit his money ?
give step by step answer ​

Answer 1

Answer:

Time period =5years

Explanation :

First, converting R percent to r a decimal

r = R/100 = 9%/100 = 0.09 per year,

then, solving our equation

t = (1/0.09)((17400/12000) - 1) = 5

t = 5 years

The time required to get a total amount, principal plus interest, of $17,400.00 from simple interest on a principal of $12,000.00 at an interest rate of 9% per year is 5 years.

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