Question

Archit deposited rupees 10000 in a bank which pays him 5% interest. After four years he withdraws the money and buy a second hand scooty for rupees 15000. How much more money is required by Archit​

Answer 1

Answer:

Initial amount deposited, P = Rs 5000

Rate of interest, r = 11/2 %

Time period, t = 3 years

Interest after 3 years, S.I = \frac{P*r*t}{100}

100

P∗r∗t

= \frac{5000*\frac{11}{2}*3}{100}

100

5000∗

2

11

∗3

= \frac{165000}{200}

200

165000

= Rs 825

Amount Prabal got after 3 years = Initial amount + Interest

= 5000 + 825

= Rs 5825

Amount he spent to buy an almirah = Rs 4700

Money left with him = Total amount - amount spent on almirah

= 5825 - 4700

= Rs 1125

Hence, money left with him = Rs 1125