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

You deposit Rs. 345 in a bank account which pays 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 and Compound Interest
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon