Multiple choice

Anwar deposits a sum of Rs. $60,000$ in a bank for three years. The bank gives simple interest at $6\%$ per annum. How much interest will he get after three years? In addition, calculate the total amount that he will get after three years.

  1. $60,000$
  2. $70,800$
  3. $66,000$
  4. $63,500$
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Simple interest is calculated as (Principal * Rate * Time) / 100. Here, (60000 * 6 * 3) / 100 = 10800. The total amount is Principal + Interest, which is 60000 + 10800 = 70800.

AI explanation

Using the simple interest formula, SI = (P * R * T) / 100, the interest earned is (60000 * 6 * 3) / 100, which equals Rs. 10800. The total amount Anwar receives is the principal plus the interest, calculated as 60000 + 10800. The total amount he will get after three years is Rs. 70800.

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