Question

Alok deposits rs.5,000 in his bank account for 5 years to earn an interest of 12%.What amount will he get after 5 years?

Answer 1

if the interest percentage is 12%, from a year he earns 600 rs / annum. if we multiplies it for 5 years 600×5 =3000 ( interest amount) . so, 5000+3000 =8000 is the answer

Answer 2

The amount will he get after 5 years is $8,000

Explanation:

For comping the amount after 5 years, first we have to determine the simple interest which is shown below:

Simple interest = Principal × interest rate × number of years

                         = $5,000 × 12% × 5 years

                         = $3,000

And, the amount would be

= Principal + simple interest

= $5,000 + $3,000

= $8,000

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find the simple interest and amount

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