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Simple Interest

Mitesh invest...

Question

Mitesh invests Rs. $700$ for $5$ years at the rate of $10 %$ . How much amount would he get at the end of the term ?

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Solution

$M i t e s h i n v e s t s R s .700 f o r 5 y e a r s a t t h e r a t e o f 10$

Principle = $R s 700.$
Time = $5 y e a r s .$
Rate = $10$ .

Amount = Principle + Interest

Interest = $\frac{P * R * T}{100}$

$\Rightarrow (700 * 5 * 10) / 100 = R s 350.$

Amount = $P + I$ = $700 + 350$ = $R s . 1050.$

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