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Maths Puzzle
a person invests Rs 12000 as fixed deposit at a bank at the rate of 10% per annum simple interest. But due to some pressing needs he has to withdraw the entire money after 3 years, for which the bank allowed him a lower rate of interest. If he gets Rs 3320 less than what he would have got at the end of 5 years, the rate of interest allowed by the bank is
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- after 3 years s.i=p*r*t/100
12000*r*3/100=360r
amount=12000+360r..
after 5 years =12000*10*5/100=6000
amount=18000...
12000+360r+3320=18000
360r=6000-3320=2680
r=2680/360
r=7.44% - 12 years agoHelpfull: Yes(4) No(0)
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