Question

) Mr. Sanjay deposited 3 15,000 in the bank for his five-year old daughter as he
wishes to give his daughter the amount of * 21,000 on her thirteenth birthday
At what rate of interest should the money be invested?​

Answer 1

Step-by-step explanation:

p=15000

time= 8 y( 5 to 13 years)

r=?

Amt= p+SI

21000= 15000+SI

SI = 21000-15000= 6000

but we know

SI = PTR/100

6000= 15000*8*r/100

600000/15000*8= r

5=r

rate of interest= 5%