Question

A man deposited Rs. 60000 in a bank which gives interest annually.After 2 years he got Rs. 71236.What is the rate of interest?​

Answer 1

If you invest Rs.50,000 in a fixed deposit account for a period of 1 year at an interest rate of 8%, then the simple interest earned will be:

(50,000 x 8 x 1) ÷ 100 = Rs.4,000

The interest you will receive at the end of the 1-year tenure will be Rs.4,000. Therefore, the maturity amount of the FD will be Rs.54,000