Shikha deposited Rs 2000 in a bank which pays 6% simple interest. She withdrew Rs 700 at the end of first year. What will be her balance after 3 years?
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By using the formula A = P + {P × R × T/100}
Here, R = the percentage of interest
P = money which she deposited
T = duration,
So,
After one year her balance on her account:
A = 2000 + { 2000 × 6 × 1/100}
= 2000 + { 12000/100}
= 2000 + 120
= 2120
and at the end of first year she withdrew 700
so now P = 2120 - 700
= 1420
Now after two years balance on her account is:
A = 1420 + { 1420×6×2/100}
= 1420 + { 17040/100}
= 1420 + 170.4
= 1590.4
By using the formula A = P + {P × R × T/100}
Here, R = the percentage of interest
P = money which she deposited
T = duration,
So,
After one year her balance on her account:
A = 2000 + { 2000 × 6 × 1/100}
= 2000 + { 12000/100}
= 2000 + 120
= 2120
and at the end of first year she withdrew 700
so now P = 2120 - 700
= 1420
Now after two years balance on her account is:
A = 1420 + { 1420×6×2/100}
= 1420 + { 17040/100}
= 1420 + 170.4
= 1590.4
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