Question

Can you calculate?

Basheer deposited 27000 rupees in a bank. Where interest is calculated at 9%.

How much would he get back after 2 years?

Answer 1

Amount deposited, p = Rs.27000

Rate of interest, r = 9%

Number of years, n = 2 years

We know that the interest can be calculated using the formula

On substituting the values of p, r and n, we get

Thus, the interest is Rs.4860.

Amount he would get back after 2 years = Rs.27000 + Rs.4860 = Rs.31860.