Question

A child friendly bank announces a savings scheme for school children. They will give kiddy banks to children. Children have to keep their savings in it and the bank collects all the money once in a year. To encourage children savings, they give 6% interest if the amount exceeds by RS.10000, and other wise 5%. Find the interest received by a school if they deposit is RS.9000 for one year

Answer 1

Answer:

450 Rs.

Step-by-step explanation:

Given, that the bank collects money once in a year.

In the first scheme, bank will give 6% interest if your savings exceed 10000 Rs. and in the second scheme bank will give 5% interest if savings is less than 10000 Rs.

If the school deposits 9000 Rs. which is less than 10000 Rs. then it will get interest in a 5% rate.

So, the interest received by the school will be

9000(5/100) =450 Rs. (Answer).