Question

How much money will Manaswini get from her Fixed Deposit after five years, if the rate of interest is 8%?

Answer 1

Answer:

7P/5

Explanation:

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SI = PRT/100

So , SI will be = 8*5*P/100 = 2P/5

Amount = P+ 2P/5 = 7P/5

Answer 2

Answer:

1.4 times the deposited amount for Simple interest

1.47 times the deposited amount for Compounded interest

Explanation:

Let say Deposit Amount = P

Then Simple interest = P * R * T /100

R = 8 %

T = 5

Simple interest = P * 8 * 5/100 = 0.4P

Amount received = P + 0.4P

= 1.4P

= 1.4 times the deposited amount

if Compounded interest

then

A mount = P ( 1 + R/100)^T

= P (1 + 8/100)⁵

= P (1.08)⁵

= 1.47 P

= 1.47 times the Deposited Amount