Mrs Mehta bought a lamp for 675.25 and sold it for 825.75. How much money did she earn ?
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Step-by-step explanation:
(i) Given : P= Rs. 1,000, n=2 year =24 months, r=6%.
I=P×
2
n(n+1)
×
12×100
r
=1,000×
2
24(24+1)
×
12×100
6
=1,000×
2
24×25
×
12×100
6
= Rs. 1,500.
(ii) Total money deposit in 24 months = Rs. 1,000×24
= Rs. 24,000
Matured value = Total sum deposit + interest
= Rs. 24,000+ Rs. 1,500
= Rs. 25,500
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