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Question

The bank offers senior citizens intrest at the rate 9% p.a compounded yearly on a fixed deposit. What interest will be received at the end of 5 years if Rs.10,000 are deposited. Calculate by the method of simple interest.

A
5386.23
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B
5500.23
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C
6523.65
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D
4367.78
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Solution

The correct option is A 5386.23
P=10000,R=9,T=5 yrs
Interest in 1st year=P×R×T100
=10000×9×1100
=900
P=(900+10000)
Interest in 2nd year=10900×9×1100=981
Interest in 3rd year=11881×9×1100
=1069.29
Interest in 4th year=12950.29×9×1100
=1165.5261
Interest in 5th year=14115.81×9×1100
=1270.42
Total interest=900+981+1069.29+1165.52+1270.42
=5386.23


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