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

Hi ,

Amount deposited by the school = Principal

= P = Rs 9000


Rate of interest ( R ) = 5% per annum

Time = ( T ) = 1 year

Simple interest ( S.I ) = ( PTR )/100

S.I = ( 9000 × 1 × 5 )/100

S.I = Rs 450

Amount ( A ) = P + S.I

A = Rs 9000 + Rs 450

A = Rs 9450

I hope this helps you.

: )

Answer 2

Dear Student,

Answer: Interest Received by school 450 Rs

Solution: A.T.Q.

Total money collected by students = 9000 Rs.

So, rate of interest will be 5% per year.

because total money is less than 10,000.

Interest =
$\frac{p \times r \times t}{100} \\ \\ = \frac{9000 \times 5 \times 1}{100} \\ = 450$
So,interest received by school is 450/-

Total money = 9000+450

= 9450 Rs

Hope it helps you.