a person deposited rupees 7500 per year for four year in State Bank of Indore in the beginning of every year if rate of simple interest is 7 by half percent per annum what sum will stand in his account at the end of 4th year
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Answer:
Rs.8550
Step-by-step explanation:
Principal (P) = Rs.7500
Rate (R) = 7/2 %
Time (T) = 4 years
Simple Interest (SI) = PRT/100
=> SI = 7500 × 7/2 × 4/100
=> SI = Rs.1050
Amount = P+SI = Rs.(7500+1050) = Rs.8550
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