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?Solution
Let the required number of months be ‘m’.
Simple interest = (principle × rate × time period in months) ÷ (12 × 100)
Interest earned = 3 × 13000 – 13000 = Rs. 26,000
ATQ;
26000 = (13000 × 20 × m) ÷ (100 × 12)
Or, m = 120
Therefore, Amal should keep his money invested for 120 months.
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