Question

What sum of money will fetch a monthly interest of Rs 1000 at 5% per annum.​

Answer 1

Step-by-step explanation:

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Answer 2

Answer:

Rs. 2,40,000 will fetch a monthly interest of Rs. 1000 at 5% per annum.​

Step-by-step explanation:

Let Principal Amount = P  Rs.

Rate of interest = 5 % per annum

Time = 1 Month = 1/12 Years

Simple interest = Rs. 1000

Simple interest = P * R * T /100

=> 1000 = P * 5  * (1/12)/100

=> 100000 = P * 5  * (1/12)

=> P = 100000* (12/5)

=> P = 240000

Sum of money = 2,40,000 Rs.