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Standard VII
Mathematics
Application of Simple Interest in Real Life Situations
Anita deposit...
Question
Anita deposits Rs 1000 in a savings bank account. The bank pays interest at the rate of 5% per annum. What amount can Anita get after one year?
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Solution
Principal amount (P) = Rs 1000
Time period (T) = 1 year
Rate of interest (R) = 5% p.a.
Interest =
P
×
R
×
T
100
=
1000
×
5
×
1
100
= Rs 50
Total amount paid after 1 year = Principal amount + Interest = Rs 1000 + Rs 50
= Rs 1050
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