In what time will Rs.1,250, at 8% per annum, produce the same interest as Rs.2,000 does in 5 years at 0.5% simple interest?
Question
In what time will Rs.1,250, at 8% per annum, produce the same interest as Rs.2,000 does in 5 years at 0.5% simple interest?
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Solution 1
To solve this problem, we first need to calculate the interest produced by Rs.2,000 in 5 years at 0.5% simple interest.
The formula for simple interest is I = PRT/100, where:
- I is the interest
- P is the principal amount (the initial amount of money)
- R is the rate of interest per year
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