Shrikant deposited 85,000 rupees for $2 \frac{1}{2}$ years at 7 p.c.p.a. in a savings bank account. What is the total interest he received at the end of the period?

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Solution

Given:
Principal (P) = 85000 rupees,
Rate of interest (R) = 7%
Time (T) = $2 \frac{1}{2}$ years
$= \frac{5}{2}$ years
Total interest (I) $= \frac{P \times R \times T}{100}$
$= \frac{85000 \times 7 \times 5}{2 \times 100}$
$14875$ RS.
Hence, Shrikant will receive $14875$ rupees as an interest from the bank.

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Shrikant deposited 85,000 rupees for 212 years at 7 p.c.p.a. in a savings bank account. What is the total interest he received at the end of the period?

Given:Principal (P) = 85000 rupees,Rate of interest (R) = 7%Time (T) = 212 years =52 yearsTotal interest (I) =P×R×T100 =85000×7×52×100 14875 RS. Hence, Shrikant will receive 14875 rupees as an interest from the bank.

Shrikant deposited 85,000 rupees for $2 \frac{1}{2}$ years at 7 p.c.p.a. in a savings bank account. What is the total interest he received at the end of the period?