Maths-
General
Easy

Question

The simple interest on a fixed deposit of Rs. 4600 at the rate of 13% p.a. is Rs.3588. Find the term of the deposit.

Hint:

Use the formula for simple interest and then find the term of the deposit that is .

The correct answer is: T=6 years.


    Complete step by step solution:
    We calculate simple interest by the formula,S I equals fraction numerator P T R over denominator 100 end fraction…(i)
    where P is Principal amount, T is number of years and R is rate of interest
    Here, we have R = 13% ,SI = 3588,P = 4600 and T = ?
    On substituting the known values in (i), we get 3588 equals fraction numerator 4600 cross times T cross times 13 over denominator 100 end fraction
    table attributes columnalign right left right left right left right left right left right left columnspacing 0em 2em 0em 2em 0em 2em 0em 2em 0em 2em 0em end attributes row cell not stretchy rightwards double arrow T equals fraction numerator 3588 cross times 100 over denominator 4600 cross times 13 end fraction end cell row cell not stretchy rightwards double arrow T equals 358800 over 59800 equals 6 end cell end table
    Hence the term of the deposit, T = 6 years.

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