You deposit ₹ 345 in to a bank account at 7% simple interest per year. How much interest would you earn after 2 years?
Given,
P = ₹ 345
T = 2 years
R = 7% = 7100 = 0.07
Simple Interest (I) earned after 2 years is calculated as,
I=PRT =345×0.07×2 =24.15×2 =48.30