Question

If Mohan deposits Rs 11,000 in a saving account for 2 years at the rate of 10% p.a., how much interest will he get after 2 years?

Answer 1

Principal (P) = Rs 11,000
Time (N) = 2 years
Rate (R) = 10%
We have $\mathrm{I}=\frac{\mathrm{P}\times \mathrm{R}\times \mathrm{N}}{100}$
$$\begin{gathered} \Rightarrow \mathrm{I}=\frac{11000\times 10\times 2}{100} \\ \Rightarrow \mathrm{I}=110\times 10\times 2 \\ \Rightarrow \mathrm{I}=\mathrm{Rs}2200 \end{gathered}$$
∴ He will get Rs 2200 as interest after 2 years.