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Question
Amount obtained by depositing ₹ 20,000 at 8% per annum for six months is ______.
Solution
Amount obtained by depositing ₹ 20,000 at 8% per annum for six months is ₹ 20800.
Explanation:
Deposited amount = ₹ 20000
Rate of interest = 8%
Time period = 6 months = `6/12` yr = `1/2` yr
I = `(P xx R xx T)/100`
= `(20000 xx 8 xx 1/2)/100`
= `(20000 xx 8)/200`
= 100 × 8
= ₹ 800
∴ Amount received = Principal + Interest = 20000 + 800 = ₹ 20800.
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