Question

Richard deposits $ 5400 and got back an amount of $ 6000 after a year. Find the simple interest he got.

Answer 1

Given:

Principal (P) = $ 5400

Amount (A) = $ 6000

We know that:

Simple Interest = Amount - Principal

That is:

$\huge\boxed{\sf{SI = A - P}}$

Substituting the values,

We get:

$\implies$ Amount - Principal

$\implies$ 6000 - 5400

$\implies$ 600

Therefore:

Richard got an interest of $ 600

Answer 2

The simple interest Richard got $ 600

Given :

Richard deposits $ 5400 and got back an amount of $ 6000 after a year.

To find :

The simple interest Richard got

Solution :

Step 1 of 2 :

Write down the principal and interest

Here it is given that Richard deposits $ 5400 and got back an amount of $ 6000 after a year.

Principal = $ 5400

Amount = $ 6000

Step 2 of 2 :

Find the simple interest Richard got

The simple interest Richard got

= Amount - Principal

= $ 6000 - $ 5400

= $ 600

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