Multiple choice

Jog places Rs. $2000$ in a bank account for a period of two years and $4$ months at a simple annual interest rate of $3.5\%$. How much is in the amount at the end of the time period?

  1. $2000$
  2. $1500$
  3. $2161$
  4. $1620$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Principal = 2000, Rate = 3.5%, Time = 2 years 4 months = 2 + 4/12 = 7/3 years. Simple Interest = P * R * T / 100 = 2000 * 3.5 * (7/3) / 100 = 20 * 3.5 * 2.333 = 163.33. Amount = 2000 + 163.33 = 2163.33. The closest option is 2161.

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