Question

Ashish deposited rs 8650 in a bank at the rate of 5%p.a how much money he will get at the end of the year​

Answer 1

➤ Given :-

Principle :- ₹8650

Rate of interest :- 5%

Time :- 1 year

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➤ To Find :-

The total amount received by Ashish at end of the time period.

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★ How to do :-

Here, we are given with the principle amount, the rate of interest and the time taken to return the money back. We are asked to find out the total amount received by Ashish after the year. So, first we should find the simple interest of the sum by multiplying the principle, rate and time and then divide it by 100. The obtained answer will be the simple interest. Later, we can find the total amount by adding the simple interest and the principle. So, let's solve!!

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➤ Solution :-

First, find the simple interest.

Simple Interest :-

${\tt \leadsto \underline{\boxed{\tt \dfrac{P \times R \times T}{100}}}}$

Substitute the given values.

${\tt \leadsto \dfrac{8650 \times 5 \times 1}{100}}$

Write the numerator and denominator in lowest form by cancellation method.

${\tt \leadsto \dfrac{\cancel{8650} \times 5 \times 1}{\cancel{100}} = \dfrac{173 \times 5 \times 1}{2}}$

Now, multiply the remaining numbers in numerator.

${\tt \leadsto \dfrac{173 \times 5 \times 1}{2} = \dfrac{865}{2}}$

Write the obtained fraction in lowest form by cancellation method.

${\tt \leadsto \cancel \dfrac{865}{2} = \underline{432.5}}$

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Now, find the total amount by using the formula given below.

Total Amount :-

${\tt \leadsto \underline{\boxed{\tt Simple \: Interest + Principle}}}$

Substitute the given values.

${\tt \leadsto 432.5 + 8650}$

Add the values to get the final answer.

${\tt \leadsto \pink{ \underline{\boxed{\tt Rs \: \: 9082.5}}}}$

$\Huge\therefore$ The total amount received by Ashish at end of the time period is ₹9082.5.