# What amount a person will get after 2.5 years at 5.5 percent per annum, if he invested lakh in a bank?

Last updated date: 30th Mar 2023

•

Total views: 308.7k

•

Views today: 4.85k

Answer

Verified

308.7k+ views

Hint – In this question the amount received by a person is the sum of interest and principal amount, so first calculate the simple interest because the interest is simple it is not compounded so we use a simple interest formula, so use this concept to reach the solution of the question.

Given data

Principal amount (P) = 1 lakh

Rate of interest (r) = 5.5 percent

Time (t) = 2.5 years

As we know that the interest is simple it is not compounded, therefore simple interest is calculated according to the formula given below,

Simple interest = $S.I = \dfrac{{{\text{p}}{\text{.r}}{\text{.t}}}}{{100}}$

$S.I = \dfrac{{1 \times 5.5 \times 2.5}}{{100}}lakh$

$S.I = \dfrac{{13.75}}{{100}} = 0.1375\;{\text{lakh}}$

Now we have to add this value of simple interest in the principal amount (P) to get the total amount (A) a person will receive.

$\therefore A = P + S.I$

$ \Rightarrow A = 1 + 0.1375 = 1.1375{\text{ lakh}}$

So a person will get 1.1375 lakh after 2.5 years, at 5.5 percent per annum.

Note – In such types of questions the key concept we have to remember is that always recall the formula of simple interest which is stated above and simplify then add this value in the principal amount we will get the total amount a person receives after 2.5 years.

Given data

Principal amount (P) = 1 lakh

Rate of interest (r) = 5.5 percent

Time (t) = 2.5 years

As we know that the interest is simple it is not compounded, therefore simple interest is calculated according to the formula given below,

Simple interest = $S.I = \dfrac{{{\text{p}}{\text{.r}}{\text{.t}}}}{{100}}$

$S.I = \dfrac{{1 \times 5.5 \times 2.5}}{{100}}lakh$

$S.I = \dfrac{{13.75}}{{100}} = 0.1375\;{\text{lakh}}$

Now we have to add this value of simple interest in the principal amount (P) to get the total amount (A) a person will receive.

$\therefore A = P + S.I$

$ \Rightarrow A = 1 + 0.1375 = 1.1375{\text{ lakh}}$

So a person will get 1.1375 lakh after 2.5 years, at 5.5 percent per annum.

Note – In such types of questions the key concept we have to remember is that always recall the formula of simple interest which is stated above and simplify then add this value in the principal amount we will get the total amount a person receives after 2.5 years.

Recently Updated Pages

If ab and c are unit vectors then left ab2 right+bc2+ca2 class 12 maths JEE_Main

A rod AB of length 4 units moves horizontally when class 11 maths JEE_Main

Evaluate the value of intlimits0pi cos 3xdx A 0 B 1 class 12 maths JEE_Main

Which of the following is correct 1 nleft S cup T right class 10 maths JEE_Main

What is the area of the triangle with vertices Aleft class 11 maths JEE_Main

The coordinates of the points A and B are a0 and a0 class 11 maths JEE_Main

Trending doubts

Fill in the blanks A 1 lakh ten thousand B 1 million class 9 maths CBSE

Full form of STD, ISD and PCO

1 million is equivalent to which of the following -class-6-maths-CBSE

Give 5 examples of natural and artificial fibre

Who introduced Subsidiary Alliance A Lord Dalhousie class 8 social science CBSE

How does Amoeba obtain its food a Endocytosis b Exocytosis class 11 biology ICSE

The number of million in one crore are a 10 b 20 c-class-5-maths-CBSE

Explain land use pattern in India and why has the land class 8 social science CBSE

Mohammad Ghori defeated Prithviraj Chauhan in the Second class 8 social science CBSE