Question

Shrikant deposited 85000 rupees for 2and half years at 7 p.c. p.a in a savings bank account. What is the total interest he received at the end of the period?

Answer 1

Given
P=85000
R=7%
T=2 1/2 yr =5/2yr

Si=pxrxt/100

$= \frac{85000 \times 7 \times 5}{100 \times 2}$
Si=₹14875


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Answer 2

The total interest received is Rs. 14,785.

Total amount = P = 85000  (Given)

Rate = R = 7%  (Given)

Time = T = 2.5 years  (Given)

Calculating Simple interest for 1 year

Simple interest = P × R × T/100

= 85000 × 7 × 2.5/100

= 425 × 7 × 5

= 425 × 35

= 14875

Therefore, the total interest received at the end of the period is Rs. 14,875