ЁЯУв Too many exams? DonтАЩt know which one suits you best? Book Your Free Expert ЁЯСЙ call Now!

    тЪб Month End Offer - Flat 52% Off On All Courses! Enroll Now тЪб
    00:00:00 AM Left

    Question

    Aman invested Rs. 13,000 in a scheme offering simple

    interest of 20% p.a. For how many months should he keep his money invested in the scheme if he wishes to triple his money?
    A 120 months Correct Answer Incorrect Answer
    B 96 months Correct Answer Incorrect Answer
    C 100 months Correct Answer Incorrect Answer
    D 144 months Correct Answer Incorrect Answer

    Solution

    Let the required number of months be тАШmтАЩ.
    Simple interest = (principle ├Ч rate ├Ч time period in months) ├╖ (12 ├Ч 100)
    Interest earned = 3 ├Ч 13000 тАУ 13000 = Rs. 26,000
    ATQ;
    26000 = (13000 ├Ч 20 ├Ч m) ├╖ (100 ├Ч 12)
    Or, m = 120
    Therefore, Amal should keep his money invested for 120 months.

    Practice Next
    More Quant Miscellaneous Questions

    Relevant for Exams:

    ask-question