Question

Javed deposited Rs 12000 at 9 p.c.p.a in a bank for some years, and withdrew his interest every year. At the end of the period, he had received altogether Rs 17,400. For how many years had he deposited his money?

Answer 1

Here, P = Rs 12000, R = 9 p.c.p.a and amount = Rs 17400 

Amount = Principal + Interest

∴17400 = 12000 + Interest 

∴ Interest = 17400 – 12000 = Rs 5400

∴ Javed had deposited the amount for 5 years.