A person deposits ₹8,000 in a bank which pays 8% p.a. simple interest. The amount after 8 years will be:
Answer & explanation
Correct answer: option 3
We know ,
Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)
= \(\frac{8000 ×8 × 8 }{100}\)
= 5120
Amount = Principal + Simple Interest
= 8000 + 5120
= Rs. 13120