Question

7. A savings account pays 4% interest; how much would be paid on a deposit of Rs750

a.294
b. 30
C. 31
d. 32​

Answer 1

Answer:

b) 30

Step-by-step explanation:

answer is above with explanation

Answer 2

The answer is b) 30.

Explanation:

The interest rate is the amount of interest payable per period as a ratio of the amount lent, deposited or borrowed. The total interest on the loaned or borrowed amount depends on the principal, the interest rate, the frequency of compounding and the length of time it is loaned, deposited or borrowed. The interest rate formula helps in calculating the amount of money. repay on loan taken and interest from investment on fixed deposits, mutual funds etc. Interest rate formula also helps in calculating credit card interest.

Amount = principal + interest

Given

It is given that a savings account pays 4% interest on a deposit of Rs 750

Find

We need to find the amount

Solution

Rate of interest =4% of 750

= (4/100)*750

= 30

Amount = principal (Deposit) + Interest

= Rs 750 + Rs 30

= Rs 780

Hence the answer is c) 30.

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