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A man deposited Rs 10000 in a bank at the rate of 5% simple interest annually. Find the amount in 15th year since he deposited the amount and also calculate the total amount after 20 years.

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Question

A man deposited Rs 10000 in a bank at the rate of 5% simple interest annually. Find the amount in 15th year since he deposited the amount and also calculate the total amount after 20 years.

Sum
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Solution

In Simple Interest, the amount after n years is given by:

Amount = `P +(P xx R xx T)/100`

where:

  • P = Principal = ₹ 10,000
  • R = Rate of interest per annum = 5%
  • T = Time in years = 15 and 20 years

Amount after 15 years: 

`"SI"_15 = (10000 xx 5 xx 15)/100 = ₹ 7,500`

Amount15 = 10000 + 7500 = ₹ 17,500

Amount after 20 years: 

`"SI"_20 = (10000 xx 5 xx 20)/100 = ₹ 10,000`

Amount20 = 10000 + 10000 = ₹ 20,000​

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Chapter 8: Sequences and Series - Miscellaneous Exercise [Page 148]

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NCERT Mathematics [English] Class 11
Chapter 8 Sequences and Series
Miscellaneous Exercise | Q 16. | Page 148

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