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Shikha deposited Rs 2000 in a bank which pays 6% simple interest. She withdrew Rs 700 at the end of first year. What will be her balance after 3 years? |
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Answer» Given Principal amount P = Rs 2000 We know that simple interest = (P × T × R)/100 On substituting these values in above equation we get SI = (2000 × 1 × 6)/100 = Rs 120 So amount after 1 year = Principal amount + Interest = 2000 + 120 = Rs 2120 We know that simple interest = (P × T × R)/100 On substituting these values in above equation we get SI = (1420 × 2 × 6)/100 Interest after two years = Rs 170.40 Total amount after 3 years = Rs 1420 + Rs 170.40 = Rs 1590.40 |
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