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Question

Fill in the blanks to make the statement true: Amount obtained by depositing 20,000 at 8% per annum for six months is _______


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Solution

Step 1: Evaluate simple interest received on principal amount

Given, principal (P) =20,000

Time period (T) =6 months

Interest rate (R) =8%

Use the formula of simple interest, SI=P×R×T100, we get

SI=20000×8×612100SI=200×8×12SI=800

Step 2: Calculate the total amount received

Use, Totalamount=Principal(P)+Interest(SI)

A=P+SIA=20000+800A=20,800

Therefore, the total amount received is 20,800


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