Question
Download Solution PDFA person deposited ₹15,600 in a fixed deposit at 10% per annum simple interest. After every second year he adds his interest earned to the principal. The interest at the end of 4 years is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A person deposited ₹15,600 in a fixed deposit at 10% per annum simple interest.
Concept used:
S.I = (P × T × R)/100
Here,
P = Principal
T = Time
R = Rate
Calculation:
Interest after 2 years = (15600 × 10 × 2)/100
⇒ 3120
New principal after 2 years = 15600 + 3120
⇒ 18720
Now,
Interest after next 2 years = (18720 × 10 × 2)/100
⇒ 3744
Now,
Total interest after 4 years = 3120 + 3744
⇒ 6864
∴ The required answer is 6864.
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