2. Mahesh deposited 8650 in a bank at the rate of 6 p.c.p.a. How much money will he
get at the end of the year?
Solution :
Answers
Step-by-step explanation:
He will get Rs.9169 at the end of the year in all.
Step-by-step explanation:
Principal = Rs.8650
Rate of interest = 6%
Time = 1 year
No. of compounds per year = 1
Formula :A = P(1+r)^tA=P(1+r)t
A = 8650(1+0.06)^1A=8650(1+0.06)1
A=Rs.9169A=Rs.9169
Hence He will get Rs.9169 at the end of the year in all.
#Learn more:
A man deposited rupees 300 for 2 years with simple interest in a bank at the rate of 10 p.c.p.a. how much money will he get back after 2 years?
Mahesh will get ₹9169 at the end of the year
Step-by-step explanation:
GIVEN
Principal = 8650
Rate = 6 p.c.p.a
Time = 1 year
___________________________
To Find
How much money will he get at the end of the year
___________________________
We know that,
Amount = Principal + Simple Interest
___________________________
We know that,
Simple Interest = ( P × R × T ) / 100
Simple Interest = ( 8650 × 6 × 1 ) / 100
Simple Interest = 51900 / 100
Simple Interest = 519
Simple Interest = ₹519
___________________________
We know that,
Amount = Principal + Simple Interest
Amount = 8650 + 519
Amount = 9169
Amount = ₹9169