Ravi deposits ₹ 40 every month in the bank. What amount will he receive after 5 years at a simple interest of 8%?
Answers
Answered by
26
Step-by-step explanation:
Money deposited in one month= ₹40
Money deposited in 12 months= ₹40*12. = ₹480 (Principal)
Rate per annum= 8%
Time= 5 years
Simple Interest= (P*R*T)/100
. = (480*8*5)/100
. = ₹192
Amount received after 5 years= S.I. + P
. = ₹192 + ₹480= ₹670
Similar questions