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

Open in App

Solution

There is an equation for calculating interest amount(I) when principle amount(P), rate of interest (r) & time in years (t)
I=(P×r×t)/100
I=1000×5×7/100
I=350
So total amount after five years is sum of interest and principle amount.
Amount=1000+350
i.e. ₹1350

Suggest Corrections

Similar questions

Q. 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?

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

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

You have deposited Rs 1000.00 in the bank which offers 7% interest on it every year.The interest is calculated as simple interest How much money will you have after 5 years?

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?

Join BYJU'S Learning Program

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

There is an equation for calculating interest amount(I) when principle amount(P), rate of interest (r) & time in years (t) I=(P×r×t)/100 I=1000×5×7/100 I=350 So total amount after five years is sum of interest and principle amount. Amount=1000+350 i.e. ₹1350

There is an equation for calculating interest amount(I) when principle amount(P), rate of interest (r) & time in years (t)
I=(P×r×t)/100
I=1000×5×7/100
I=350
So total amount after five years is sum of interest and principle amount.
Amount=1000+350
i.e. ₹1350