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
Step-by-step explanation:
Interest = P*R*T/100
8325 = 2000*7.5*T/100
832500 = 15000*T
55.5= T
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
On substituting all these values in above formula, we get
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
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
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
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