Question

Vaibhav deposited rupees 3,000 in a bank for a period of 2 years. if the bank gives an interest of 5% per annum. Find the amount would get back at the end of 2 years.​

Answer 1

$\huge\underline\mathbb {SOLUTION :-}$

Answer:

• The amount would get back at the end of two years = Rupees 3,300.

Given:

• P = ₹ 3,000
• T = 2 Years
• R = 5% per annum

Need To Find:

• The amount would get back at the end of two years = ?

Explanation:

To find the amount, we have to find the interest.

$\underline\mathsf \blue {Formula\:Used\:Here\: :-}$

• SI = P × R × T

Putting the values according to the given Formula then we get:

$\implies \mathsf {SI = \frac{3000 \times 2 \times 5}{100} }$

$\implies \mathsf \green {Rs.\: 300}$

Now,

• Amount = SI + P

$\implies \mathsf {Rs.\:300 + Rs.\:3,000}$

$\implies \mathsf \green {Rs.\:3,300}$

• Vaibhav will get back an amount of Rs. 3,300 at the end of two years.

Additional Information:

$\underline\mathsf \blue {Here\: :-}$

• P is used for Principal.
• T is used for Time.
• R is used for Rate Of Interest.
• SI is used for Simple Interest.

Answer 2

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❚ QuEstiOn ❚

# Vaibhav deposited rupees 3,000 in a bank for a period of 2 years. if the bank gives an interest of 5% per annum. Find the amount would get back at the end of 2 years.

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❚ ANsWeR ❚

✺ Given :

• Money deposited (P) = 3,000 Rs.
• Time (t) = 2 years.
• Rate per annum (r%) = 5%

✺ To Find :

• the amount would get back at the end of 2 years.

✺ Logic :

In bank The deposited amount is compounded annually .

Now for Compound interest ,

If P amount is compounded annually at the rate of r% for t years then ,

➩ $\ \ { Total\: amount =P[(1+\dfrac{r}{100})^t-1]}$

➩ $\ \ { interest\: amount =P(1+\dfrac{r}{100})^t}$

✺ Therefore :

At the end of 2 years Vaibhav will get back ,

✏ $\ \ { P[(1+\dfrac{r}{100})^t-1]}$

✏ $\ \ { 3000\times[(1+\dfrac{5}{100})^2-1]}$

✏ $\ \ { 3000\times[(\dfrac{100+5}{100})^2-1]}$

✏ $\ \ { 3000\times[(\dfrac{105}{100})^2-1]}$

✏ $\ \ { 3\cancel000\times(\dfrac{105\times105}{10\cancel{000}})}$

✏ $\ \ { (\dfrac{3\times105\times105}{10})}$

✏ $\ \ {\dfrac{33,075}{10}}$

✏ $\ \ {\boxed{3307.50\:Rs}}$

Hence ,

At the end of 2 years Vaibhav will get back

= $\ \ {3307.50\:Rs}$

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