Question

Mahesh deposited rupees 8650 in a bank at a rate of 6 p.c.p.a. How much money will he get at the end of the year in all?

Answer 1

Given:
Principal (P) = 8650 rupees
Rate of interest (R) = 6%
Time (T) = 1 year
Now, Interest = $\frac{P\times R\times T}{100}$
$$\begin{gathered} =\frac{8650\times 6\times 1}{100} \\ =\frac{51900}{100} \end{gathered}$$
= 519 rupees
Therfore, Amount = Principal + Interest
= 8650 + 519
= 9169
Hence, Mahesh will get 9169 rupees at the end of the year in all.