Question

If Pankaj deposits 1,50,000 rupees in a bank at 10 p.c.p.a. for two years, what is the total amount he will get from the bank?

Answer 1

Given:
Principal (P) = 1,50,000 rupees,
Rate of interest (R) = 10%
Time (T) = 2 years

Formula:
Total interest (I) = ${\displaystyle \frac{\text{P}\times \text{R}\times \text{T}}{100}}$

Solution:
I = ${\displaystyle \frac{1,50,000\times 10\times 2}{100}}$
= 30,000 rupees
Now, total amount = P + I
= 1,50,000 + 30,000
= 1,80,000 rupees
Hence, Pankaj will get the total amount of 180000 rupees from the bank.