Question

A person deposits Php 5,000 in a bank account which pays 6% simple interest per year. Find the value of his deposit after 4 years

Answer 1

Given

• Principal = ₹ 5000
• Rate = 6%
• Time = 4 Years

Explanation

We have to find the Simple Interest of the Principal which is the value of the deposit :-

$\maltese{\large{\pmb{\boxed{\sf{ Interest_{(Simple)} = \dfrac{PRT }{100} }}}}}$

$\\ \bigstar{\pmb{\underline{\sf{ According \ to \ Question: }}}} \\ \\ \colon\implies{\sf{ Interest_{(Simple)} = \dfrac{PRT }{100} }} \\ \\ \\ \colon\implies{\sf{ Interest_{(Simple)} = \dfrac{50 \cancel{00} \times 6 \times 4 }{ \cancel{100} } }} \\ \\ \\ \\ \colon\implies{\sf{ Interest_{(Simple)} = 50 \times 6 \times 4}} \\ \\ \\ \colon\implies{\sf\green{ Interest_{(Simple)} = 1200 }}$

Hence,

The Value of his deposit after 4 years will be ₹1200.

Answer 2

Answer:

=> The value of his deposit is Rs. $6200$

Step-by-step explanation:

Given that:-

Principal = 5000

Times = 4 years

Rate = 6%

To find:- After 4 years, the value of his deposits.

As we know that,

The formula for simple interest is

$S.I =\frac{P\times R\times T}{100}$

Now, plug these values in the formula  

$=> \frac{5000\times 4\times 6}{100}$  

$=> 1200$  

For the accumulated value,

The formula to be used:  

=  Principal + Interest  

$= 5000 + 1200$  

$= 6200$

Hence, the value of his deposit after 4 years is Rs. $6200$