Question

Mr Sanjay deposited Rs 15000 in the bank for his five year old daughter as he wishes to give his daughter the amount of Rs 21000 on her thirteenth birthday. At what rate of interest should the money be invested?

Answer 1

Answer:

Step-by-step explanation:

P=15000

SI=21000-15000

=6000

T=(13-5)yrs

=8yrs

R=100×SI/P×T

R=100×6000/15000×8

=600000/120000

=5%p.a

Answer 2

Answer:5%

Step-by-step explanation:

Principal=Rs 15000

Time=13years-5years

=8years

Amount=Rs 21000

Simple Interest=Amount-Principal

=Rs21000-Rs15000

=Rs6000

Rate of interest=SI*100/P*T

=Rs6000*100/Rs15000*8

=5% p.a.