Question

michael invests $8000 into his bank account for three years at a rate of 5% simple interest per annum what will be the total value of michael's investment after 3 years

please give the answer fast and asap

Answer 1

Given :

Principle amount : ₹8000

Rate of interest : 5%

Time : 3 years

To find :

The total value of Michael's investment after 3 years.

Solution :

First, we should find the simple interest

${\sf \dashrightarrow Simple \: Interest = \dfrac{P \times R \times T}{100}}$

${\sf \dashrightarrow \dfrac{8000 \times 5 \times 3}{100}}$

${\sf \dashrightarrow \dfrac{8000 \times 15}{100}}$

${\sf \dashrightarrow \cancel \dfrac{130000}{100} = 1300}$

As we have found with the simple interest, now let's find our answer i.e, the total amount.

Total Amount :

${\sf \dashrightarrow Total \: Amount = Simple \: Interest + Principle}$

${\sf \dashrightarrow 1300 + 8000}$

${\sf \dashrightarrow Rs.9300}$

Hence, the total amount in Michael's investment after 3 years is ₹9300.