Question

Harsha makes a fixed deposit of rs. 20000 in bank of india for a period of 3 yr. if the rate of interest be 13% si per annum charged half-yearly, what amount will he get after 42 months?

Answer 1

In the given sum the time period given is 42 months. Now for easy calculation purposes we are going to convert the time period into years.

Now, we divide 42 with 12 and we get 7/2 years or 3.5 years.

Now putting all the given values in the simple interest formula we get the interest as 9100. Therefore, the amount then becomes 20000+9100=29100.