Shikha deposited Rs. 2000 in a bank which pays

Question

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?

Askiitians Tutor Team · Accepted Answer

To find Shikha's balance after 3 years, we need to calculate the interest earned each year and account for her withdrawal. Calculating Simple Interest
The formula for simple interest is:
Interest = Principal × Rate × Time
Here, the principal amount is Rs. 2000, the interest rate is 6% (or 0.06), and the time is in years. Year 1 Interest for Year 1: 2000 × 0.06 × 1 = Rs. 120 Balance after Year 1: 2000 + 120 - 700 = Rs. 1420 Year 2 Interest for Year 2: 2000 × 0.06 × 1 = Rs. 120 Balance after Year 2: 1420 + 120 = Rs. 1540 Year 3 Interest for Year 3: 2000 × 0.06 × 1 = Rs. 120 Balance after Year 3: 1540 + 120 = Rs. 1660 Final Balance
After 3 years, Shikha's balance will be Rs. 1660.

10 grade maths> Shikha deposited Rs. 2000 in a bank which...

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?

Aniket Singh , 7 Months ago

Askiitians Tutor Team

Calculating Simple Interest

Year 1

Year 2

Year 3

Final Balance

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10 grade maths> Shikha deposited Rs. 2000 in a bank which...

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?

Aniket Singh , 7 Months ago

Askiitians Tutor Team

Calculating Simple Interest

Year 1

Year 2

Year 3

Final Balance

LIVE ONLINE CLASSES

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