Nakul's father Mr Gupta got transferred from Delhi to Mumbai. Mr Gupta had deposited rupees 55,000 in Punjab national Bank two years before at 8% per annum. He closed the account and with the interest money he purchased gifts for his friends and family members. Nakul also got two jeans, two shirts and a video game as gift. (1) How much money did Mr Gupta get from the bank? (2) How much money was spent by Mr Gupta on gifts?
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SI= (P*R*T)/100
SI=55000*8*2/100
Rs 8800
Amount= 55000+8800
63800
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