Shikha deposited 2000 in a bank which pays 6% simple interest. She withdrew
700 at the end of the first year. What will be her balance after 3 years ?
please give the right process and answer
Answers
Answer:
Principal = Rs.2000
Rate of interest = 6 % per annum
Time period = 1 year
S.I = \( \frac{P\times\;R\times\;T}{100}\)
= \( \frac{2000\times\;6\times\;1}{100}\)
S.I = Rs.120
Total amount after one year = Principal + Interest
= Rs.2000 + Rs.120
= Rs.2120
Principal amount left = Rs.2120-Rs.700
= Rs.1420
Rate of interest = 6% per annum
Time period = 2 years
S.I = \( \frac{P\times\;R\times\;T}{100}\)
= \( \frac{1420\times\;6\times\;2}{100}\)
S.I = Rs.170.40
Total amount after 3 years = Principal + Interest
= Rs.1420 + Rs.170.40
= Rs.1590.40
Answer:
Shikha deposited 2000 in a bank which pays 6% simple interest. She withdrew
700 at the end of the first year. What will be her balance after 3 years ?
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Net amount at the end of first year= Principle+ interest-Amount withdrawn=2000+120-700= Rs 1420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