1.

Stephen invested Rs 10,000 in a savings bank account that earned 2% simple interest. Find the interest earned if the amount was kept in the bank for 4 years.

Answer»

Principal (P) = Rs 10,000 

Rate of interest (r) = 2% 

Time (n) = 4 years 

∴ Simple Interest I = \(\frac{pnr}{100}\)

\(\frac{10000\times4\times2}{100}\)

= Rs 800 

Stephen will earn Rs 800



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