Question 40

Mr. Madhur deposits an amount of Rs. 58,750/- to obtain a simple interest at the rate of 12 p.c:p.a:for years. What total amount will Mr. Madhur get at the end of 4 years?

Solution

Principal amount = Rs. 58,750

Rate of interest = 12% and time period = 4 years

Simple interest = $$\frac{58750 \times 12 \times 4}{100}$$

= Rs. $$28,200$$

Total amount Mr. Madhur will get = 58750 + 28200

= Rs. 86,950

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