what sum of money will fetch a monthly interest of rs.1000 at 6% per annum?
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Rs 200000 will fetch a monthly interest of rs.1000 at 6% per annum
Step-by-step explanation:
Let say SUm of Money = P Rs
Rate of interest = 6 % per annum
Time = 1 Month = 1/12 Years
Simple interest = Rs 1000
Simple interest = P * R * T /100
=> 1000 = P * 6 * (1/12)/100
=> 100000 = P/2
=> P = 200000
Sum of money = 200000 Rs
Rs 200000 will fetch a monthly interest of rs.1000 at 6% per annum
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