Question

What sum of money amounts Rs.3250 in 6 yrs at the rate of 5%?

Answer 1

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➷ Find the multiplier:

5% ==> 1.05

Use the formula:

final = original x multiplier^n

n is the number of years

Substitute in the values:

final = 3250 x 1.05^6

solve:

final = 4355.310832

The answer is Rs. 4355.31

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Answer 2

I = 975

Explanation:

Formula for simple interest is

I = PRT

Where P is the principal, r is the annual interest rate, and t is the loan period expressed in years.

p = 3250, r = 5% and t = 6yrs

I = 3250 × 5 × 6/100

I = 97500/100

I = 975

Hope this helps