Question

c) A businessman deposited Rs 60,000 in a Commercial Bank at 4.5% p.a. How long should he deposit the sum to receive an amount of 61,350?​

Answer 1

It would take 5 months long to receive an amount of 61,350.

Explanation:

P = Rs 60,000

R = 4.5%

T = ?

A = Rs 61,350

so

I = A-P

or, I = Rs 61,350 - Rs 60,000

so, I = Rs 1,350

so

T = (I×100)/P×R

T = (1350×100)/(60,000×4.5)

or, T = 135000/270000

so, T = 0.5 years = 5 months