A man deposited some amount of money in a bank at some simple rate of interest for3 years. Had he…
The extra interest comes only from the extra 2% a year for 3 years: \(P \times 0.02 \times 3 = 360\), so \(P = 360/0.06 = 6000\), that is ₹6000. A deposit of ₹6200, ₹7000 or…
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A man deposited some amount of money in a bank at some simple rate of interest for3 years. Had he deposited the money at2% higher rate of interest, he would have fetched ₹360 more. Find the amount deposited in the bank.
Answer and explanation
Correct answer D
The extra interest comes only from the extra 2% a year for 3 years: , so , that is ₹6000. A deposit of ₹6200, ₹7000 or ₹6500 would earn ₹372, ₹420 or ₹390 more, not ₹360.
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