₹ 750 is invested in a bank at a simple interest of 4.25% per annum for four years. What is the amount that will be accured at the end of the 4-year period?
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Pankaj borrowed ₹ 4000 on 12 June at the interest rate of 5% per annum. He then borrowed again ₹ 5000 on 24 August at the same rate of interest. He returned the entire loan on 5 November. How much was the total amount returned?
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Principal amount = ₹750 (Given)
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STEP 1: Find interest for 1 year :
Interest per annum = 4.25% x 750 = 0.0425 x 750 = ₹31.875
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STEP 2: Find interest for 4 years:
Interest for 4 years = 31.875 x 4 = ₹127.50
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STEP 3: Find total amount at the end of 4 years:
Total amount at the end of 4 years = ₹750 + ₹127.50 = ₹877.50
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Answer: The accrued amount at the end of 4 years is ₹877.50
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