Question
Download Solution PDFSimple interest received on a certain sum at a rate of simple interest of 5% for 2 years is Rs.780. If the rate of interest remains same, what will be the total amount at the time of withdrawal at the end of 5 years.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFCalculation
We use the simple interest formula:
SI = (P × R × T)/100
Given:
SI = 780, R = 5%, T = 2
→ 780=P×5×2100
→ P=780×100/10=7800
Now SI for 5 years:
→ SI=7800×5×5/100=1950
Total amount = Principal + SI = 7800 + 1950 = Rs.9750
Last updated on Jul 3, 2025
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