Robert deposits $ 3000 in state bank of india for 3 years which earn him ad interest of 8%. What is the amount he gets after 1 year, 2 year, 3 year ?
Answers
Given:
Robert deposits $3000 in the State bank of India for 3 years which earns him an interest of 8%.
To Find:
The amount received by Robert after 1 year, 2 years, and 3 years will be?
Solution:
1. Rahul has deposited a total of $3000 at an interest of 8%.
2. Mathematically, Robert gets a total of 8$ in 100$ as an interest.
=> For every single $, Robert receives an interest of (8/100)$.
=> For a total of $3000, Robert receives an interest of 3000 x (8/100) = $240 per year.
3. Hence, Robert receives an interest of $240 per year. ( Simple interest )
=> Simple Interest = PTR/100, (where P - Principle amount, T - Time, and R - Rate of interest).
=> Simple Interest = 3000 x 1 x 8/100 = 240.
=> The total amount received by Robert after 1 year = $3240.
=> The total amount received by Robert after 2 years = 3240 + 240 = $3480.
=> The total amount received by Robert after 3 years = 3240 + 240 + 240 = $3720.
The amount received by Robert after 1year, 2 years, and 3 years is $3240, $3480, $3720 respectively.