A MAN deposited a sum of Rs 6000 in a bank at the rate of 12 1/2 % per year. Find the amount received by him at the end of 4 years 6 months?
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A MAN deposited a sum of Rs 6000 in a bank at the rate of 12 1/2 % per year. Find the amount received by him at the end of 4 years 6 months?
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Answer:
Amount received by the man is ₹9375
Step-by-step explanation:
Principle-₹6000
Rate of interest- 12.5%= 125/10= 25/2% p.a.
Time=4 years and 6 months= 54/12 years
Simple interest= P×R×T/100
6000×25×54/100×2×12 =₹3375
Simple interest= ₹3375
Amount= Principle+ Simple interest
₹6000+₹3375 =₹9375
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