Math, asked by lataee01, 3 months ago

Ms.Saloni deposits Rs 2000 per month in a cumulative
account at 7.5%p.a simple interest. If he gets Rs 8325 as
interest at the time of maturity, find the time for which the
account was held.

Answers

Answered by khushigarg09
0

Step-by-step explanation:

Interest = P*R*T/100

8325 = 2000*7.5*T/100

832500 = 15000*T

55.5= T

Answered by mathdude500
3

Given that,

  • Amount deposited per month = Rs 2000

So,

  • Amount deposited in a year, p = 12 × 2000 = Rs 24000

  • Rate of interest, r = 7.5 % per annum simple interest

  • Interest received on maturity, SI = Rs 8325

Let assume that,

  • The time period be 'n' years

We know,

Simple Interest on a certain sum of money Rs p invested at the rate of r % per annum for 'n' number of years is

\rm :\longmapsto\:SI = \dfrac{p \times r \times t}{100}

On substituting all these values in above formula, we get

\rm :\longmapsto\:8325 = 24000 \times \dfrac{7.5}{100} \times n

\rm :\longmapsto\:8325 = 24 \times 75 \times n

\rm :\longmapsto\:n = \dfrac{8325}{24 \times 75}

\bf\implies \:n = 4.625 \: years

Additional Information :-

1. Amount on a certain sum of money Rs p invested at the rate of r % per annum compounded annually for 'n' number of years is

\rm :\longmapsto\:Amount = p {\bigg(1 + \dfrac{r}{100}\bigg)}^{n}

2. Amount on a certain sum of money Rs p invested at the rate of r % per annum compounded semi - annually for 'n' number of years is

\rm :\longmapsto\:Amount = p {\bigg(1 + \dfrac{r}{200}\bigg)}^{2n}

3. Amount on a certain sum of money Rs p invested at the rate of r % per annum compounded quarterly for 'n' number of years is

\rm :\longmapsto\:Amount = p {\bigg(1 + \dfrac{r}{400}\bigg)}^{4n}

4. Compound interest > Simple Interest if number of years is more than 1 year and rate of interest is compounded annually.

5. Compound Interest = Simple Interest if time period is 1 year and rate of interest is compounded annually

Similar questions