Question

Ishwaris father kept $1000 at the rate of 8 p.c.p.a for one year on her birthday. How much will they get on the next birthday

Answer 1

Principle (p) = 1000

Rate (r) = 8% p.a

Time (t) = 1 year

Simple Interest (si) =

$\frac{p \times r \times t}{100} \\ \frac{1000 \times 8 \times 1}{100} \\ \frac{10 \times 8 \times 1}{1} \\ 80 \times 1 \\ 80$

SI = 80

Amount = 1000+80=1080

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