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Question
Stephen invested ₹ 10,000 in a savings bank account that earned 2% simple interest. Find the interest earned if the amount was kept in the bank for 4 years
Solution
Principal (P) = ₹ 10,000
Rate of interest (r) = 2%
Time (n) = 4 years
∴ Simple Interest I = `"Pnr"/100`
= `(10000 xx 4 xx 2)/100`
= ₹ 800
Stephen will earn ₹ 800
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