Question

A bank pays interest of 11%. Mamuru puts $5000 in the bank. How much has he after
a) one year?
b) three years?
c) five years?​

Answer 1

Step-by-step explanation:

Principal= $5000

rate of interest= 11%

Simple interest = P× R%×T

a) time =1year

SI

$5000 \times 11\% \times 1 \\ 5000 \times \frac{11}{100} \\ 550$

amount = principal + SI

= 5000+550

= $5550

b) time = 3 years

SI

$5000 \times 11\% \times 3 \\ 5000 \times \frac{11}{100} \times 3 \\ 1650$

amount= principal+ SI

= 5000+1650

= $ 6650

c) time = 5 years

SI

$5000 \times 11\% \times 5 \\ \\ 5000 \times \frac{11}{100} \times 5 \\ \\ 2750$

amount= principal + SI

= 5000+2750

=$7750