₹20000 is invested at 7.5% rate of interest per annum. Find the amount received at the end of 3 years.
Answers
Solution!!
The concept of simple interest has to be used here. The principal, rate of interest and time is given in the question. According to the question, we have to find the amount received at the end of the time.
Principal (P) = Rs 20000
Rate of interest (R) = 7.5%
Time (T) = 3 years
Let's find out the interest first using a suitable formula.
Interest = (P × R × T)/100
Interest = (20000 × 7.5 × 3)/100
Interest = 200 × 7.5 × 3
Interest = Rs 4500
Now that we know the interest, let's find the amount.
Amount = Principal + Interest
Amount = Rs 20000 + Rs 4500
Amount = Rs 24500
Hence, the amount received is Rs 24500.
Answer:24500
Step-by-step explanation:
The concept of simple interest has to be used here. The principal, rate of interest and time is given in the question. According to the question, we have to find the amount received at the end of the time.
Principal (P) = Rs 20000
Rate of interest (R) = 7.5%
Time (T) = 3 years
Let's find out the interest first using a suitable formula.
Interest = (P × R × T)/100
Interest = (20000 × 7.5 × 3)/100
Interest = 200 × 7.5 × 3
Interest = Rs 4500
Now that we know the interest, let's find the amount.
Amount = Principal + Interest
Amount = Rs 20000 + Rs 4500
Amount = Rs 24500
Hence, the amount received is Rs 24500.