Question

You have deposited ₹1000 in the bank. There is a 7% interest on it every year. How much money will you have after 5 years?

• A. Rs. 350.00
• B. Rs. 70.00
• C. Rs. 1350.00
• D. Rs. 1070.00

Answer 1

The correct option is C

Rs. 1350.00

$SimpleInterest\left(SI\right)=\frac{P\times R\times T}{100}$

where

P = Principal ,R = Rate%, T = Time (in years)

Given,
P = Rs. 1000.00, R = 7% , T = 5 years $SI=\frac{1000\times 7\times 5}{100}=₹350$
Hence, after 5 years, the total amount of money
= Principal + Interest
= 1000 + 350
= ₹ 1350