Question

Reema deposits rupees 4500 in a bank and the interest rate is 25/3% After how many years would she earn rupees 750 as simple interest​

Answer 1

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QUESTION

Reema deposits rupees 4500 in a bank and the interest rate is 25/3% After how many years would she earn rupees 750 as simple interest

ANSWER

Given, maturity value =66,250, monthly installment =2,500, n=2 years =2×12=24 months

Interest =

2400

Pn(n+1)r=

2400

255×24×25×r

=625r

Therefore, amount =(Pn+625r)

⇒66,250=(2500×24+625r)

⇒66,250=60,000+625r

⇒6250=625r

⇒r=10%

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Answer 2

Answer:

answer is two years

Step-by-step explanation:

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