Question

Sanjay deposited a sum of 32000 for 2 years.
compounded annually, at 5% pa. What will
be the amount he gets on maturity?​

Answer 1

Explanation:

Simple interest = 27250 – 25000 = 2250

Time = 3 years.

SI = PTR / 100 → R = SI * 100 / PT

R = 2250 * 100 / 25000 * 3 → R = 3%.

Answer 2

Answer:

Let Principal amount P=60,000

Time period t=2

rate of interest r= 8/100=0.08Total amount =P(1+r)t

=60000(1+0.08)²

=69,984