You deposit ₹20,000 at 5% annual simple interest for 3 years. How much interest will you earn?
Question: You deposit ₹20,000 at 5% annual simple interest for 3 years. How much interest will you earn?
Solution:
Simple Interest (SI) = (P × R × T) / 100
SI = (20,000 × 5 × 3) / 100 = ₹3,000
So, the interest earned is ₹3,000.
SI = (20,000 × 5 × 3) / 100 = ₹3,000
So, the interest earned is ₹3,000.
Equation/Formula:
interest = (principal × ratePct × timeYears) / 100
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