Question

Rasiklal deposited Rs. $20,000$ in a bank at a rate of $9\%$.p.a. for $3$ years. How much interest does he get every year? Find the total amount.

Answer 1

Given,

$p=20,000$

$n=3$ years

$r=9$ % p.a

Simple interest = $\frac{pnr}{100}=\frac{20000\times 3\times 9}{100}=5400$ Rs.

Total amount = principal + simple interest

$=20000+5400$

$=25400$ Rs.