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Rahul deposited ` 1,00,000 in his bank for 2 years at simple interest rate of 6%. How much interest would he earns? How much would be the final value of deposit?
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Rahul deposited ` 1,00,000 in his bank for 2 years at simple interest ...
Calculation of Interest and Final Value of Deposit
Given Information:
- Principal amount deposited: `1,00,000`
- Time period: `2 years`
- Rate of interest: `6%`
Calculation of Interest:
The formula for calculating simple interest is:
Simple Interest = (P × R × T) / 100
Where,
- P = Principal amount deposited
- R = Rate of interest
- T = Time period
Substituting the given values in the above formula, we get:
Simple Interest = (`1,00,000` × `6` × `2`) / `100` = `12,000`
Calculation of Final Value of Deposit:
The formula for calculating final value of deposit is:
Final Value of Deposit = Principal + Simple Interest
Substituting the given values in the above formula, we get:
Final Value of Deposit = `1,00,000` + `12,000` = `1,12,000`
Explanation:
Rahul deposited `1,00,000` in his bank for 2 years at a simple interest rate of 6%. The interest earned by him can be calculated using the formula for simple interest, which comes out to be `12,000`. The final value of his deposit can be obtained by adding the principal amount and the interest earned, which comes out to be `1,12,000`. Therefore, Rahul would earn an interest of `12,000` and the final value of his deposit would be `1,12,000`.
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Rahul deposited ` 1,00,000 in his bank for 2 years at simple interest ...
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Rahul deposited ` 1,00,000 in his bank for 2 years at simple interest rate of 6%. How much interest would he earns? How much would be the final value of deposit?
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Rahul deposited ` 1,00,000 in his bank for 2 years at simple interest rate of 6%. How much interest would he earns? How much would be the final value of deposit? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Rahul deposited ` 1,00,000 in his bank for 2 years at simple interest rate of 6%. How much interest would he earns? How much would be the final value of deposit? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rahul deposited ` 1,00,000 in his bank for 2 years at simple interest rate of 6%. How much interest would he earns? How much would be the final value of deposit?.
Rahul deposited ` 1,00,000 in his bank for 2 years at simple interest rate of 6%. How much interest would he earns? How much would be the final value of deposit? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Rahul deposited ` 1,00,000 in his bank for 2 years at simple interest rate of 6%. How much interest would he earns? How much would be the final value of deposit? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rahul deposited ` 1,00,000 in his bank for 2 years at simple interest rate of 6%. How much interest would he earns? How much would be the final value of deposit?.
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