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→Find the simple interest for 2 years on $2000 at 6% per year.
→Formula for simple interest is l = PNR / 100
Here, P = 2000, n = 2, r = 6
→ I = (2000 ⋅ 2 ⋅ 6) / 100
I = 20 ⋅ 2 ⋅ 6
I = 240
→ The interest earned is $240
Answer:
1. Robert deposits $ 3000 in State Bank of India for 3 year which earn him an interest of 8%.What is the amount he gets after 1 year, and 2 years?
Solution:
In every $ 100, Robert gets $ 8.
(Since rate is 8% → 8 for every 100)
Therefore, for $ 1 he gets = $ 8/100
And for $ 2000 he gets = 3000 x 8/100
= $ 240
Simple Interest for 1 year = $ 240.
Simple Interest for 2 year = $ 240 x 2
= $ 480
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Answers & Comments
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Problem:
→Find the simple interest for 2 years on $2000 at 6% per year.
Solution:
→Formula for simple interest is l = PNR / 100
Here, P = 2000, n = 2, r = 6
Let us these value into the above formula:
→ I = (2000 ⋅ 2 ⋅ 6) / 100
I = 20 ⋅ 2 ⋅ 6
I = 240
Answer:
→ The interest earned is $240
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Answer:
1. Robert deposits $ 3000 in State Bank of India for 3 year which earn him an interest of 8%.What is the amount he gets after 1 year, and 2 years?
Solution:
In every $ 100, Robert gets $ 8.
(Since rate is 8% → 8 for every 100)
Therefore, for $ 1 he gets = $ 8/100
And for $ 2000 he gets = 3000 x 8/100
= $ 240
Simple Interest for 1 year = $ 240.
Simple Interest for 2 year = $ 240 x 2
= $ 480