Question
Download Solution PDFOn a deposit of ₹1,50,000, R gets ₹2,000 as interest on simple rate of interest in a year. How much amount (in ₹) should he deposit to get interest of ₹4,500?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal Amount (P) = ₹1,50,000
Interest (I) = ₹2,000
Time (T) = 1 year
Formula Used:
Simple Interest, I =
Calculation:
Using the given data to find the rate of interest (R):
⇒
⇒ 2,000 = 1,500 × R
⇒
⇒
Now, we need to find the principal amount (Pnew) to get an interest of ₹4,500:
Interest (Inew) = ₹4,500
⇒
⇒
⇒
⇒
⇒ Pnew = 4,500 × 75
⇒ Pnew = 3,37,500
The amount he should deposit to get interest of ₹4,500 is ₹3,37,500.
Last updated on Jun 3, 2025
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