Javed deposited 12000 rupees at 9 p.c.p.a. in a bank for some years, and withdrew his interest every year. At the end of the period, he had received altogether 17,400 rupees. For how many years had he deposited his money ?

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Solution

Given:
Principal (P) = 12000 rupees,
Rate of interest (R) = 9%
Total Amount = 17400 rupees
Total interest (I) = 17400 − 12000
= 5400 rupees
Since, $I = \frac{P T R}{100}$
Time, $\Rightarrow (T) = \frac{I \times 100}{P \times R}$
$= \frac{5400 \times 100}{12000 \times 9}$
$∴ T = 5$ years
Hence, Javed had deposited the money for 5 years.

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Javed deposited 12000 rupees at 9 p.c.p.a. in a bank for some years, and withdrew his interest every year. At the end of the period, he had received altogether 17,400 rupees. For how many years had he deposited his money ?

Given:Principal (P) = 12000 rupees,Rate of interest (R) = 9%Total Amount = 17400 rupeesTotal interest (I) = 17400 − 12000= 5400 rupeesSince, I=PTR100Time, ⇒(T)=I×100P×R=5400×10012000×9∴T=5 yearsHence, Javed had deposited the money for 5 years.