Mohan deposit rupees 8000 in SBI for 15 months if the bank paste compound interest at 12% per annum then find the amount of interest received by him
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Answer:
We have sum = ₹8000
rate = 12% p.a
time = 15/12 yrs
time = 1 yrs
First of all we find the amount in 1 year
Amount = 8000
= 8000*
= 8960
Now,
on this amount the interest lies
Hence,
the amount become the principal after 1 year
Now, we will find the interest for next 1/4 year
We set,
S.I = 268.80
hence, the amount after 1 year is 8960+ 268.80
= 9228.80
Interest = 9228.80-8000 = 1228.80
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