Multiple choice

A person deposits Rs. 8,800 in a bank which pays 8% p.a. simple interest. The amount after 8 years will be:

  1. Rs. 12,600

  2. Rs. 10,784

  3. Rs. 13,120

  4. Rs. 12,545
Reveal answer Fill a bubble to check yourself
C Correct answer
AI explanation

Using the simple interest formula SI = (P multiplied by R multiplied by T) divided by 100, the interest earned is (8800 multiplied by 8 multiplied by 8) divided by 100. This calculation gives a simple interest of 5632. The total amount after 8 years is the principal plus the interest, which is 8800 plus 5632. The total amount is Rs. 13,120.

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