Question

A girl deposits $300$ in a bank account. The bank offers $7$ intersection per year.
Assuming the girl does not take any money out of the account, calculate:

Answer 1

Let, A girl deposits in a bank account per mounth.=$300rs$

At one year total deposits money(p) =$12\times 300rs=3600rs$

Given interest per year=$7$

Interest per month(R) =$\frac{7}{12}$ month.

T=12 month

Now , money after 12 month ?

Interest in 12 month

$=\frac{P\times R\times T}{100}$ =$

$\frac{3600\times 12\times \frac{7}{12}}{100}=\frac{3600\times 7}{100}$

$=252rs$

Hence money will becomes in 12 month $3600+252=3852rs$