Ramesh opened a saving bank account on $23^{rd}$ August $2003$ with a deposit of $₹\ 3000$. He closed his account on $4^{th}$ November 2003 . If the bank paid him $8\ %$. interest, what amount did he receive?

Given: Ramesh opened a saving bank account on $23^{rd}$ August $2003$ with a deposit of $₹\ 3000$. He closed his account on $4^{th}$ November 2003. The bank paid him $8$ % interest.

To do: To find the total amount received by Ramesh.

Solution:

Here, Deposit amount, $p=₹\ 3000$

Time, $t=73\ days=\frac{73}{365}=0.2\ years$

Rate, $r=8$ %

Simple interest, $I=\frac{p\times r\times t}{100}$

$\Rightarrow I=\frac{3000\times8\times0.2}{100}$

$\Rightarrow I=\frac{3000\times8\times2}{1000}=₹\ 48$

$\therefore$ total amount received by Ramesh$=p+I=₹\ 3000+₹\ 48=₹\ 3048$.

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Updated on: 10-Oct-2022

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