Question

Mitesh invests Rs.700 for 5 years at the rate of 10%. How much amount would he get at the end of the term ?

Answer 1

SOLUTION :

GIVEN :

Principal (P)= ₹700

Rate of interest(R )= 10%

Time (T) = 5 years

Interest on ₹ 100 for 1 year = ₹10

Interest on ₹ 700 for 5 years = P×R×T/100

[Simple Interest (S.I) = (P×R×T) /100]

Interest on ₹ 700 for 5 years = (700 × 10 × 5)/100

Interest on ₹ 700 for 5 years = ₹ 350

AMOUNT = PRINCIPAL +SIMPLE INTEREST

Amount = 700 + 350 = ₹ 1050

Hence, MITESH will get ₹ 1050 at the end of the term.

HOPE THIS ANSWER WILL HELP YOU.

Answer 2

Acc to the question, Mitesh invests Rs.700 for 5 years at the rate of 10%.

Principle = Rs 700.

Time = 5 years.

Rate = 10%.

Amount = Principle + Interest

Interest = (P * R * T)/100

or,(700 * 5 * 10)/100 = Rs 350.

Amount = P + I = 700 + 350 = Rs 1050.

Therefore, amount he would get at the end of the term is Rs 1050.