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Ramakant wants to earn Rs. 1,500 interest on his deposits. He plans to buy a sack of grains with the interest. He puts Rs. 5,000 into his account that earns 2.5% interest. How long will he need to leave his money in the account to earn this interest that would help him buy the sack of grains

🗓 Mar 6, 2024

Answer is "12 years"

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Aswini ~ Chennai 🌐 India
S.I = 1500

P = 5000

R = 2.5

S.I = P * T * R / 100

P * T * R / 100 = 1500

(5000 * 2.5 * T) / 100 = 1500

T = 12 years.
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