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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
₹ 350
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B
₹ 70
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C
₹ 1350
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D
₹ 1070
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Solution

The correct option is C ₹ 1350
Here, principal (P) = ₹ 1000
Rate of interest (R) = 7%
Time period (T) = 5 years

We know that simple interest,
SI=P×R×T100
SI=1000×7×5100
SI=350

Hence, after 5 years, the total amount = Principal + Interest = ₹ 1000 + ₹ 350 = ₹ 1350

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