Question

Rohit deposited ₹17000 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?

• A. ₹19100
• B. ₹18160
• C. ₹18020
• D. ₹18239

Answer 1

The correct option is C ₹18020

Let us suppose that the interest on the principal of ₹17000 is x.
On principal ₹100, the interest is ₹6.
We shall take the ratio of interest to principal, write it in two forms and obtain an equation.
$\frac{x}{17000}=\frac{6}{100}$
$x=\frac{6}{100}\times 17000=1020$
Therefore, Amount = Principal + Interest
= 17000 + 1020
= 18020
Hence, Rohit will get ₹18020 at the end of the year in all.