Question
Download Solution PDFA sum of Rs. 3000 is invested in a scheme of simple interest. The rate of interest in this scheme is 10 percent per annum. If Rs. 1200 interest is obtained, then for how many months is the sum invested?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
P = Rs. 3000
R = 10% per annum
I = Rs. 1200
Concept Used:
I = PRT / 100
where:
I = interest
P = principal amount (the initial amount of money)
R = annual interest rate (in percentage)
T = time the money is invested for (in years).
Calculation:
We are asked to find T (the time of investment), but in months instead of years. So representing T in years, the equation becomes:
1200 = 3000 × 10 × T / 100
Which simplifies to:
1200 = 300T
Solving for T gives:
T = 1200/ 300
T = 4 years
Since the question is asking for the time in months, we convert this to months by multiplying by 12 (since there are 12 months in a year):
T = 4 × 12 = 48 months.
So, the sum is invested for 48 months.
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