Question

Dhruvika invested money for a period from May 2006 to April 2008 at the rate of 12 % per annum. If interest received by her is ₹ 1620, then find the money invested.

Answer 1

Given, I = ₹ 1620 and R = 12 %
Time = From May 2006 to April 2008 = 2 yr
$\because I=\frac{P\times R\times T}{100}\therefore P=\frac{I\times 100}{R\times T}=\frac{1620\times 100}{12\times 2}\Rightarrow P=₹6750$
Hence, the invested money is ₹ 6750.