Question

Hari deposited Rs 6000 at 4% simple interest per annum for 2 years. After 1 year, the bank increased the interest rate to
5%. How much interest will he get at the end of the 2 years?

Answer 1

Answer:

Rs 540

Step-by-step explanation:

For the first year, at 4% simple interest, he will get

= 6000 ×  4  /100

= Rs 240

For the second year, at 5% simple interest, he will get

= 6000 ×  5 /100

= Rs 300

Hence, the total interest that he will get at the end of 2 years

= 240 + 300

= Rs 540