Question

What amount a person will get after $2.5$ years at $5.5\%$ per annum, if he invested lakh in a bank?

Answer 1

Given time = 2.5 years

Rate of interest = 5.5% p.a

Principal = 1 lakh

now simple interest = $\frac{PRT}{100}$

$SI=\frac{1,00,000\times 5.5\times 2.5}{100}$

$S.I=1000\times 13750RS$

$\therefore$ amount get after 2.5 years = P+SI

= 1,00000+13750

Total amount = 1.13.750 Rs