Question

Ramesh deposited Rs. 2,000 for 3 years period at 12%
interest which is credited at the end of every six months.
What will be the total amount credited to Ramesh's Account
at the end of 3 years?​

Answer 1

Answer:

2837

Step-by-step explanation:

componded interest formula

(1+R/n)tn

r -rate of return

n - number of times in a year credited I. e. 2

t - period or say term

Answer 2

Concept:

Simple interest = (P r t) / 100

where, P = principal amount

r = rate of return

t = time period

Given:

We are given that:

Principal amount = Rs. 2000

Time period = 3 years

Rate of return = 12 %

Find:

We need to find the amount after 3 years.

Solution:

r = 12 %

P = 2000

t = 6 ( as interest is given every 6 months. So, it will be given 6 times)

Simple Interest = (2000 × 12 × 6) / 100

Simple Interest = 144000 / 100

Simple Interest = 1440

Amount = Principal + Simple interest

Amount = 2000 + 1440

Amount = Rs. 3440

Therefore, the total amount credited to Ramesh's Account at the end of 3 years will be Rs. 3440.

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