Question

Rohit deposited Rs.17300 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

Let us suppose that the interest on the principal of ₹17300 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.

$\frac{x}{17300}=\frac{6}{100}$

$x=\frac{6}{100}\times 17300=1038$

Therefore, Amount = Principal + Interest
= 17300 + 1038
= 18338

Hence, Rohit will get 18338 rupees at the end of the year in all.