Maths-
General
Easy
Question
The simple interest on a fixed deposit of Rs. 4600 at the rate of 13% p.a. is Rs.3588. Find the term of the deposit.
Hint:
Use the formula for simple interest and then find the term of the deposit that is .
The correct answer is: T=6 years.
Complete step by step solution:
We calculate simple interest by the formula,
…(i)
where P is Principal amount, T is number of years and R is rate of interest
Here, we have R = 13% ,SI = 3588,P = 4600 and T = ?
On substituting the known values in (i), we get 
Hence the term of the deposit, T = 6 years.
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