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Question
Dhruvika invested money for a period from May 2006 to April 2008 at rate of 12% per annum. If interest received by her is ₹ 1620, find the money invested.
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Solution
Given, I = ₹ 1620 and R = 12%
Time = From May 2006 to April 2008 = 2 years
∵ `I = (P xx R xx T)/100`
∴ `P = (I xx 100)/(R xx T) = (1620 xx 100)/(12 xx 2)`
⇒ P = ₹ 6750
Hence, the invested money is ₹ 6750.
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