. Sameer deposited 10000 in a bank which pays 8% simple interest. He withdrew 2000 at the
end of first year. What will be his balance money after 4 years ?
Answers
Answered by
3
Answer:
Rate of interest is given as 6% and Principle amount as Rs2000
Interest after 1 year= P*R*T/100 = 2000*6*1/100 = Rs 120
Net amount at the end of first year= Principle+ interest-Amount withdrawn=2000+120-700= Rs 1420
For the next 2 years, simple interest will be paid at the rate of 6% on the amount of Rs 1420 which is = 1420*6*2/100 =Rs 170.40
Balance after 3 years= 1420+170.40=Rs 1590.40
Read more on Brainly.in - https://brainly.in/question/70852#readmore
Step-by-step explanation:
Similar questions