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Sachin deposited ₹ 1,00,000 in his bank for 2 years at simple interest rate of 6% How much interest would he earn? How much would be the final value of deposit?
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Sachin deposited ₹ 1,00,000 in his bank for 2 years at simple interest...
Calculation of Interest and Final Value of Deposit
By following the steps mentioned above, Sachin can calculate the interest earned and the final value of his deposit after 2 years at a simple interest rate of 6%.
Interest Calculation:
Sachin deposited ₹ 1,00,000 for 2 years at a simple interest rate of 6%.
The formula to calculate simple interest is:
Simple Interest = (Principal x Rate x Time) / 100
Plugging in the values:
Simple Interest = (1,00,000 x 6 x 2) / 100
Simple Interest = ₹ 12,000
Therefore, Sachin would earn ₹ 12,000 as interest.
Final Value of Deposit:
The final value of the deposit would be the sum of the principal amount and the interest earned.
Final Value = Principal + Interest
Final Value = ₹ 1,00,000 + ₹ 12,000
Final Value = ₹ 1,12,000
Therefore, the final value of Sachin's deposit after 2 years would be ₹ 1,12,000.
By following the steps mentioned above, Sachin can calculate the interest earned and the final value of his deposit after 2 years at a simple interest rate of 6%.
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Sachin deposited ₹ 1,00,000 in his bank for 2 years at simple interest rate of 6% How much interest would he earn? How much would be the final value of deposit?
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Sachin deposited ₹ 1,00,000 in his bank for 2 years at simple interest rate of 6% How much interest would he earn? How much would be the final value of deposit? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Sachin deposited ₹ 1,00,000 in his bank for 2 years at simple interest rate of 6% How much interest would he earn? How much would be the final value of deposit? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sachin deposited ₹ 1,00,000 in his bank for 2 years at simple interest rate of 6% How much interest would he earn? How much would be the final value of deposit?.
Sachin deposited ₹ 1,00,000 in his bank for 2 years at simple interest rate of 6% How much interest would he earn? How much would be the final value of deposit? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Sachin deposited ₹ 1,00,000 in his bank for 2 years at simple interest rate of 6% How much interest would he earn? How much would be the final value of deposit? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sachin deposited ₹ 1,00,000 in his bank for 2 years at simple interest rate of 6% How much interest would he earn? How much would be the final value of deposit?.
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