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Question

You deposit ₹ 345 in to a bank account at 7% simple interest per year. How much interest would you earn after 2 years?

A
₹ 48.30
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B
₹ 48.15
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C
₹ 48.10
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D
₹ 47.20
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Solution

The correct option is A ₹ 48.30

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


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