Question

Fill in the blanks to make the statement true: Amount obtained by depositing $₹20,000$ at $8\%$ per annum for six months is _______

Answer 1

Step 1: Evaluate simple interest received on principal amount

Given, principal (P) $=₹20,000$

Time period (T) $=6$ months

Interest rate (R) $=8\%$

Use the formula of simple interest, $SI=\frac{P\times R\times T}{100}$, we get

$$\begin{gathered} \Rightarrow SI=\frac{20000\times 8\times {\displaystyle \frac{6}{12}}}{100} \\ \Rightarrow SI=200\times 8\times \frac{1}{2} \\ \Rightarrow SI=800 \end{gathered}$$

Step 2: Calculate the total amount received

Use, $\mathrm{Total}\mathrm{amount}=\mathrm{Principal}\left(\mathrm{P}\right)+\mathrm{Interest}\left(S\mathrm{I}\right)$

$$\begin{gathered} \Rightarrow A=P+SI \\ \Rightarrow A=20000+800 \\ \Rightarrow A=₹20,800 \end{gathered}$$

Therefore, the total amount received is $₹20,800$