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 May 17th, 2018, 02:17 AM #1 Senior Member   Joined: Aug 2014 From: India Posts: 476 Thanks: 1 Where am I going wrong? Anoop deposited a certain amount at 15% p.a simple interest in the name of his son when his son was 6 years old. It became 37,240/- when his son turned 12 years of age. What was the amount he deposited initially? Ans) R = 15% I = 37240 T = 6 years SI = P * R * T/ 100 37240 = (P * 15 * 6 )/ 100 P = 37240 * 100/15 * 6 P = 41377.7 But answer is 19,600. How?
May 17th, 2018, 04:27 AM   #2
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Quote:
 Originally Posted by Ganesh Ujwal 37240 = (P * 15 * 6 )/ 100
Should be: 37240 = P + (P * 15 * 6)/100

 June 19th, 2018, 07:39 AM #3 Math Team   Joined: Jan 2015 From: Alabama Posts: 3,264 Thanks: 902 Let the amount originally deposited be A. Then 15% for 6 years would be 90%. It will have earned 0.9A interest so the total will be A+ 0.9A= (1.9)A= 37240. A= 37240/1.9= 19600. You calculated A so that the interest alone would be 37240, not the total amount: 41377.7*.9= 37240.
 June 19th, 2018, 11:02 AM #4 Global Moderator   Joined: Dec 2006 Posts: 21,026 Thanks: 2257 The given answer assumes that Anoop made the deposit described when his son turned six years old, not simply "when his son was six years old".

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