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Question

If I get ₹ 1200 return as the amount (principal along with interest) by depositing ₹ 800 in the bank at the rate of simple interest of 10% per annum, then let us write by calculating the time for which the money was deposited in the bank

Simple Interest

December 27, 2023

Answer

Amount = ₹ 120

Principal = ₹ 800

Simple Interest = ₹ (1200-800) = ₹ 400

Rate =10%

Time =?

Time = $\frac{\text { Interest } × 100}{\text { Principal } × \text { Rate }}$

= $\frac{400 × 100}{800 × 10}$

= $5 \text { years }$

∴ Time = 5 years

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