Question

1)Samiksha deposited 25000 rupees in a bank at a rate of 8 p.c.p.a.for 3 years. How much interest does she get every year? How much, altogether?
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Answer 1

Answer:

It is given that the man deposited Rs 10000 in a bank at the rate of 5% simple interest annually. Since, the simple interest is added every year, the amount in every year is a term in arithmetic progression.

Formula for Simple Interest I=

100

P⋅T⋅R

∴ Interest for each year =

100

5

×Rs 10000=Rs 500

Interest for each year is the common difference.

Formula for n

th

term in an AP t

n

=a+(n−1)d

Amount in 15

th

year =10000+14(500)

=17000

Amount after 20 years, which is amount in 21

st

year=10000+20(500)

=20000

Answer 2

Here the principal is given to be Rs. 25000

The interest rate is 8% per annum

We will first find the interest for 1 year

simple interest = (p × r × t) / 100

                          = (25000 × 8 × 1) / 100

                          = 2000

So, interest for every year will be RS. 2000

Now, interest for 3 years

simple interest = (p × r × t) / 100

                          = (25000 × 8 × 3) / 100

                          = 6000

Now, we will find out the amount to be paid after 3 years

amount = principal + interest for 3 years

            = 25000 + 6000

            = 31000