Question

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?

• 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

$SI=\frac{1000\times 7\times 5}{100}$
= Rs. 350.00
Hence, after 5 years, the total amount of money

= Rs. 1000.00 + 350.00 = 1350.00