wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

You deposit Rs. 345 into a bank account paying 7% simple interest per year. How much interest would you earn after 5 years?


A
Rs. 120.75
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
B
Rs. 121.75
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
Rs. 110.75
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
Rs. 100.75
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is A Rs. 120.75

First find 7% annual simple interest
S.I=P×T×R100
S.I=345×1×7100
S.I=24.15
So, the interest earned after 5 years
=5×24.15
= Rs. 120.75


flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Simple Interest
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon