Question

Two friends opened a joint account and deposited Rs. 50,000 at 8% interest per annum. After 5 years, they divided only the interest equally among them. Find how much money each will get.

Answer 1

Two friends each will receive Rs. 10,000 as their share of simple interest earned on a deposit of Rs. 50,000 at 8% per annum after 5 years.

Step-by-step explanation:

The subject of this question is Mathematics, specifically involving simple interest calculation. The scenario describes two friends who opened a joint account with an initial deposit of Rs. 50,000 at an interest rate of 8% per annum. After 5 years, they want to divide the interest earned equally.

To calculate the total interest earned after 5 years using simple interest, the formula is: Interest = Principal × Rate × Time. Substituting the given values: Interest = Rs. 50,000 × 0.08 × 5 = Rs. 20,000

The total interest earned after 5 years is Rs. 20,000. Since the friends are dividing the interest equally, each friend gets: Rs. 20,000 / 2 = Rs. 10,000. Therefore, each friend will receive Rs. 10,000 as their share of the interest.