P ltd had to make payment of Rs 20lac in 60 days. The company has decided to invest in CDs of a 8%p.a. What money is required to be invest now?
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Given : A payment of Rs 20lac to ne made in 60 days.
To find : The company has decided to invest in CDs of a 8%p.a. What money is required to be invest now?
Solution:
Let say amount invested = P
Rate of interest = 8 % pa
Time = 60 days = 60/365 years = 12/73 Years
Amount after 60 days
Amount + interest
SI = P * R * T /100
=> P + P * 8 * (12/73)/100 = 20 lac
=> P ( 7300 + 96)/7300 = 20 lac
=> P = 20 * 7300/7396 lac
=> P = 19.74 lac
19.74 lac money is required to be invest
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