Question 58

A person deposits ₹8,000 in a bank which pays 8% p.a. simple interest. The amount after 8 years will be:

Solution

Given, Principal (P) = ₹8,000

Rate of interest (R) = 8% per annum

Time (T) = 8 years

$$\therefore\ $$Amount = $$P+\frac{PTR}{100}=8000+\frac{8000\times8\times8}{100}=8000+5120=₹13,120$$

Hence, the correct answer is Option C

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