What is the total in an account if ₹500 is deposited at 5% simple interest for 5 years?

₹625

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₹125

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₹500

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₹6,250

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Solution

The correct option is A
₹625

Principle (P) = ₹500

Rate of interest (R) = 5%

Time (T) = 5 years

Amount = P + (P x R)/100 x T

= 500 + (500 x 5)/100 x 5

= 500 + 125 = 625

Amount = ₹625

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What is the total in an account if ₹500 is deposited at 5% simple interest for 5 years?

The correct option is A ₹625 Principle (P) = ₹500 Rate of interest (R) = 5% Time (T) = 5 years Amount = P + (P x R)/100 x T = 500 + (500 x 5)/100 x 5 = 500 + 125 = 625 Amount = ₹625

The correct option is A
₹625

Principle (P) = ₹500

Rate of interest (R) = 5%

Time (T) = 5 years

Amount = P + (P x R)/100 x T

= 500 + (500 x 5)/100 x 5

= 500 + 125 = 625

Amount = ₹625