Multiple choice

Rohit invested Rs.19500 in a bank which offers interest at a rate of 7% per annum for 5 years but due to urgent need he withdrew his investment after 3 years. Then find the amount he received after 3 years if the bank charges Rs.840 as penalty for early withdrawal?

  1. Rs.24555

  2. Rs.21753

  3. Rs.23220

  4. Rs.20500

  5. Rs.22755
Reveal answer Fill a bubble to check yourself
E Correct answer
Explanation

Principal = 19500, rate = 7%, time = 3 years. SI = P × R × T/100 = 19500 × 7 × 3/100 = 4095. Amount = 19500 + 4095 = 23595. After penalty of 840: received amount = 23595 - 840 = 22755.

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