Question

8.Find the amount to be paid at the end of 3years for Rs 1100 at 11% rate of interest p.a. is​

Answer 1

Given:

Principle = ₹1100

Rate = 11%

Time = 3 years

To find:

The amount paid after the time period

Solution:

As per the given parameters in the question:

Principle = ₹1100

Rate = 11%

Time = 3 years

Here the simple interest will be paid by default:

A simple interest in the given principle is given by:

SI = PRT/100

SI = 1100×11×3/100

SI = 363

Amount = SI + Principle

Amount = 1100 + 363

Amount = ₹1463

The amount paid after the time period is ₹1463