Question

Smith invests $3000 for one year at a rate of 6%. How much interest will he earn at the end of that year?​

Answer 1

Answer :-

• Smith will earn an interest of Rs 180 at the end of that year.

Given :-

• Smith invests Rs 3000 for one year at a rate of 6% per annum.

To find :-

• The interest he will earn at the end of that year.

Solution :-

• Here, the principal, rate and time are given to us. We have to find the simple interest!

We know that :-

$\underline{\boxed{\sf SI = \dfrac{Principal \times Rate \times Time}{100}}}$

Where,

• SI = Simple Interest.

Here,

• Principal = Rs 3000.
• Rate = 6%.
• Time = 1 year.

Therefore,

$\longmapsto \rm SI = \dfrac{3000 \times 6 \times 1}{100}$

$\longmapsto \rm SI = \dfrac{3000 \times 6}{100}$

$\rm \longmapsto SI = \dfrac{18000}{100}$

$\longmapsto \rm SI = \dfrac{180\!\!\!\not0\!\!\!\not0}{1\!\!\!\not0\!\!\!\not0}$

$\longmapsto \overline{\boxed{\rm SI = Rs \: 180}}$

________________________________

Hence :-

• The interest earned by Smith is Rs 180.

Answer 2

Answer:

Interest earned at the end of the year will be ₹ 180.

Step-by-step explanation:

Given:

P = 3000

R = 6%

T = 1 yr

To find:

S.I. = ?

Solution:

We know that,

$\sf{S.I. = \dfrac{P \times R \times T}{100}}$

Substituting the values,

$\sf{S.I. = \dfrac{3000 \!\!\!\!\! / \;\times 6 \times 1}{\not 100}}$

$\sf{S.I. = 30 \times 6}$

$\sf{S.I. = 180}$

Hence,

S.I. = ₹ 180