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?
Answers
Principal amount deposited (P) = Rs 2000
Time period (T) = 1 year
Rate of interest (R) = 6% p.a.
Interest after 1 year =
100
P×R×T
1420×6×2
= Rs 170.40
Total amount after 3 years = Rs 1420 + Rs 170.40 = Rs 1590.40 =
100
2000×6×1
= Rs 120
So, amount after 1 year = Principal amount + Interest = 2000 + 120 = Rs 2120
After 1 year , amount withdrawn = Rs 700
Principal amount left (P1) = Rs 2120 - Rs 700 = Rs 1420
Time period (T) = 2 years
Rate of interest (R) = 6% p.a.
Interest after 2 years =
100
P×R×T
=
100
1420×6×2
= Rs 170.40
Total amount after 3 years = Rs 1420 + Rs 170.40 = Rs 1590.40
Principal amount deposited (P) = Rs 2000
Time period (T) = 1 year
Rate of interest (R) = 6% p.a.
Interest after 1 year = 100P×R×T1420×6×2= Rs 170.40
Total amount after 3 years = Rs 1420 + Rs 170.40 = Rs 1590.40 = 1002000×6×1= Rs 120
So, amount after 1 year = Principal amount + Interest = 2000 + 120 = Rs 2120
After 1 year , amount withdrawn = Rs 700
Principal amount left (P1) = Rs 2120 - Rs 700 = Rs 1420
Time period (T) = 2 years
Rate of interest (R) = 6% p.a.
Interest after 2 years = 100P×R×T
= 1420/100×6×2
= Rs 170.40
Total amount after 3 years = Rs 1420 + Rs 170.40 = Rs 1590.40