You deposited ₹1000 in the bank which offers 7% interest on it at thte end of every year. The interest is calculated as simple interest. How much money will you have after 5 years?

₹1350

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₹70

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₹350

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₹1070

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Solution

The correct option is A ₹1350
$S I = \frac{1000 \times 7 \times 5}{100}$ = ₹350

Hence, after 5 years, the total amount of money will be:
= ₹1000 + ₹350 = ₹1350

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You have deposited Rs 1000.00 in the bank. The rate of interest is 7% per annum(simple interest). How much money will you have after 5 years?

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