Question

(1) A man deposited ₹4500 in a bank which paid him an interest of 11% per annum. how much simple interest will he got at the end of five years​

Answer 1

Given:

Principal = Rs. 4500

Rate = 11%

Time = 5 years

What to find?

We have to find the simple interest.

How to find?

To find the simple interest we use the formula $SI=\frac{PRT}{100}$, where SI stands for simple interest, P stands for principal, R stands for rate and T stands for time.

Solution:

Using the formula,

⇒ $SI=\frac{PRT}{100}$

Substitute the values,

⇒ $SI= \frac{4500*11*5}{100}$

Cancel the zeros in the 4500 and 100,

⇒ SI = 45 × 11 × 5

Multiply the numbers,

⇒ SI = Rs. 2475

So, the simple interest is Rs. 2475.