Question

(vi) A man deposited 2500 in a bank for 73 days. If the simple interest is paid at 14%
per annum, the amount to be received at the end is​

Answer 1

The amount to be received at the end is​ Rs. 2570.

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Let's understand a few concepts:

To calculate the simple interest we will use the following formula:

$\boxed{\bold{Simple\:Interest = \frac{Principal\times Rate \times Time}{100} }}$

To calculate the amount in simple interest we will use the following formula:

$\boxed{\bold{Amount = Principal + S.I.}}$

To convert months to years we will use the following conversion rate:

$\boxed{\bold{1\:day = \frac{1}{365}\:calender \:year }}$

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Let's now solve the given problem:

The sum of money i.e., Principal deposited = Rs. 2500

The money was deposited for i.e., Time = 73 days = $\frac{73}{365}\:year = \frac{1}{5} \:year$

The rate of simple interest i.e., Rate = 14% p.a.

By substituting the given values in the above formula of simple interest, we get,

The simple interest is,

= $\frac{2500\times 14 \times \frac{1}{5} }{100}$

= $\frac{500\times 14 }{100}$

= $5\times 14$

= $\bold{Rs. \:70}$

By substituting the given values in the above formula of the amount, we get,

The amount to be received is,

= $Rs.\:2500 +Rs.\:70$

= $\bold{Rs.\:2570 }$

Thus, the amount to be received at the end is​ Rs. 2570.

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