Mr.sharma deposite rs.500000 in bank with the time period of 5years for 7.2% rate of intereat , after 5 years how much interest amount and final amount he will get?
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Answer:
He will get Rs 6,80,000 at the end of 5 years.
Here is your answer
P= Rs 500000 Rate of interest = 7.2% time =5yrs
Simple Interest = prt/100
=> 500000×7.2×5/100
=>500000 ×72 × 5/1000(Adding one zero in the denominator by lifting the point up)
=> 500×72×5
=>2500×72
=>1,80,000
In case of Simple Interest,
Amount = principal + interest
=>Amount = 500000+180000
=> Amount = 6,80,000
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