Question

Shikha deposited Rs 2000 in a bank that pays 6% simple interest. She withdrew Rs 700 at the end of the first year. What will her balance be after 3 years?

Answer 1

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Net amount at the end of first year= Principle+ interest-Amount withdrawn=2000+120-700= Rs 1420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

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