Abhishek deposited ₹14000 in a bank at 8 percent per annum. How much money will he have at the end of the year?

₹15120

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₹14120

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₹1120

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₹15200

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Solution

The correct option is A ₹15120
Simple Interest
$= \frac{(P r i n c i p a l \times T i m e \times R a t e)}{100}$

Now, according to question,
Principal = ₹14000, Time = 1 Year, Rate = 8%

So, Interest Amount $= \frac{(14000 \times 1 \times 8)}{100}$
= ₹ 1120

Thus, total amount after 1 year = 14000 + 1120 = ₹15120

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