Matt wants to earn an interest that is more than Rs. 4000 but less than Rs. 4200. For how many years should he invest in simple interest a sum of Rs. 17000 at a rate of 8.1% per annum?
We know, Simple Interest = (Principal Amount × Rate of Interest × Time Period)/100
Suppose he invested for T years.
⇒ 4000 < (17000 × 8.1 × T)/100 < 4200
⇒ 4000 < 1377T < 4200
⇒ 2.905 < T < 3.05
Only possible value of T is 3 years.
∴ Investment should be done for 3 years.
2. What is the present worth of Rs. 132 due in 2 years at 5% simple interest per annum
6. What will be the compound interest on an amount of Rs 46875 for a period of 3 years at 4% p.a. ?
7. A sum of money becomes 9 times in 2 yr. Find the 10 times of rate of interest.
8. A sum becomes 6 fold at 5% per annum. At what rate, the sum becomes 12 fold?