Question

If Pankaj deposits Rs 1,50,000 in a bank at 10 p.c.p.a. for two years, what is the total amount he will get from the bank?

Answer 1

Here, P = 150000, R = 10 p.c.p.a., T = 2 years 

∴ Total interest = (P x R x T)/100

= (150000 x 10 x 2)/100

= Rs. 30000

∴ Total amount = Principal + Total Interest 

= 150000 + 30000 

= Rs 180000 

∴ Pankaj will receive Rs 180000 from the bank.