Question

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?​

Answer 1

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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