Question

If 5500 is invested in a bank for 1.5 years at the rate of 6.5% per annum, find the amounts returned by the bank​

Answer 1

Answer:

Rs 6036.25

Step-by-step explanation:

***Assuming the amount is invested on simple interest.

Principal (P) = 5500

Rate (R) = 6.5% p.a.

Time (T) = 1.5 years

As we know,

Amount = (P*R*T)/100 + P

= (5500 * 6.5 * 1.5)/100 + 5500

= 536.25 + 5500

= 6036.25

Hence, Rs 6036.25 will be returned by the bank.