Question

7. A man deposited Rs. 3000 in a bank at 10% simple interest for two years. What amount will he get at the end of the period?​

Answer 1

Answer:

Formula for Simple Interest (S.I) = P × R × T / 100

P = Principal = ₹3000

R = Rate of Interest = 10%

Time = Time Period = 2 years

3000 × 10 × 2 / 100

30000 × 2 / 100

60000 / 100

(Cutting of zeros)

600/1 = ₹600

So, he earned ₹600 extra

Total amount = Deposited amount + Interest amount

₹3000 + ₹600 = ₹3600

Answer 2

P = ₹ 3000

R = 10%

T = 2 years

Simple Interest (SI) = P×R×T/100

= 3000×10×2/100 (cut them)

= 600

= SI + P = 600 + 3000

= 3600 is your answer

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