yuvi goes to ICICI bank,to check his scholarship amount,5 years before he got scholarship 1 lakh rupees,at that time interest given by bank was 13% per anmun,has much money he would have in balance?
plz give the answer right and fast plz!!!!
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Given
The principal scholarship amount that Yuvi got is 1 lakh rupees.
The rate of interest at that time is equal to 13%.
To find
The balance amount that Yuvi inherited, after 5 years.
Solution
The problem could be solved in the following manner.
We know that, to find the simple interest,
- I = PRt
It is given that,
- Principal (P) = ₹1,00,000
- Rate of interest (R) = 13%
- Time (t) = 5 years
Hence according to the above equation,
- Simple interest (I)= 100000 ×13/100 ×5
= ₹65000
- Total amount = 100000 + 65000
= ₹165000
Hence the total amount Yuvi inherited after a term of 5 years is equal to ₹165000
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