Question 58

How much amount can a person get on a sum of ₹6,600, if it is invested at 6.2% per annum for a period of 2 years 6 months on simple interest?

Solution

principal amount = P = ₹6600

rate = R = 6.2% per annum

time = T = 2 years 6 months = 2.5 years [As we know that 12 months = 1 year, then 6 months = 0.5 year.]

amount after 2 years 6 months = $$P+\frac{P\times\ R\times\ T}{100}$$

= $$6600+\frac{6600\times6.2\times2.5}{100}$$

= $$6600+66\times6.2\times2.5$$

= $$6600+1023$$

= ₹7623

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