Find the amount to be paid at the end of two years, if principal = ₹

1.	Find the amount to be paid at the end of two years, if principal = ₹3500 at 7% per annum.
Answer» Before, finding the answer. Let's find out on how to find the answer. First, we MUST find the Simple Interest. To find it, we must use the formula of : $\sf Simple \: Interest = \dfrac{p \times r \times t}{100}$ Where, P = PRINCIPAL R = Rate T = Time After finding it, we must add both the Principal and Simple Interest to find the amount. ___________________ Given : Principal = ₹3500 Rate = 7% Time = 2 YEARS To find : amount Solution : We know that Simple Interest is $\sf =\dfrac{p \times r \times t}{100}$ $\sf = \dfrac{3500 \times 7 \times 2}{100}$ $\sf = \dfrac{24500 \times 2}{100}$ $\sf = \dfrac{49000}{100}$ $\sf = <klux>RS</klux>. 490$ Hence, Simple Interest is Rs. 490. Now, Amount = Principal + Simple Interest = ₹ 3500 + ₹ 490 = ₹ 3990 Hence, Amount paid at the end of two years is ₹ 3990.