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 ifthe amount
exceeds by 10000, and other wise 5%. Find the interest received by a school if they
deposit is 9000 for one year.

Answer 1

Intesrest received by school = 9000*5*1/100 = 450

Answer 2

Given p= 9000 r= 5% t=1yr s.i=?

S.I= PTR divided by hundred

=9000 X 1x 5 divided by hundred

19 X 1 x 5

PSi is equal to 450

Therefore the interest received by children is 450