A principle of ₹ 40,000 is deposited in a bank which offers a simple interest at the rate of 10% per annum. Calculate the amount at the end of 2 years.

₹ 48000

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₹ 44000

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₹ 40000

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₹ 42000

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Solution

The correct option is A
₹ 48000

Given P = ₹ 40,000, T = 2 years, R = 10% p.a

SI $= \frac{P r i n c i p a l \times t i m e \times r a t e}{100}$ = $\frac{40000 \times 2 \times 10}{100}$
$=$ ₹ $8000$

Amount at the end of two years = Principal + SI

= 40000 + 8000 = ₹48000.

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