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Shikha deposited Rs 2000 in a bank which pays 6% simple interest. She withdrew Rs 700 at the end of first year. What will be her balance after 3 years?

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Given Principal amount P = Rs 2000

Time period T = 1 year

Rate of interest R = 6% p.a.

We know that simple interest = (P × T × R)/100

On substituting these values in above equation we get

SI = (2000 × 1 × 6)/100

= Rs 120

So amount after 1 year = Principal amount + Interest = 2000 + 120 = Rs 2120

after 1 year, amount withdrawn = Rs 700

Principal amount left = Rs 2120 − Rs 700 = Rs 1420

Time period = 2 years

Rate of interest = 6% p.a.

We know that simple interest = (P × T × R)/100

On substituting these values in above equation we get

SI = (1420 × 2 × 6)/100

Interest after two years = Rs 170.40

Total amount after 3 years = Rs 1420 + Rs 170.40 = Rs 1590.40

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