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Question 158
Mr. Vijay deposits an amount of Rs. 45,500 to obtain a simple interest at the rate of 11 p.c.p.a for 3 years. What total amount will Mr. Vijay get at the end of 3 years?
Solution
Principal = Rs. 45,500
Rate of interest = 11% and time period = 3 years
S.I. = $$\frac{45500 \times 11 \times 3}{100}$$
= Rs. 15,015
$$\therefore$$ Required amount = 45,500 + 15,015 = Rs. 60,515
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