A person deposits ₹8,000 in a bank whi

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Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Simple Interest

Question:

A person deposits ₹8,000 in a bank which pays 8% p.a. simple interest. The amount after 8 years will be:

Options:

₹12,600

₹10,784

₹13,120

₹12,545

Correct Answer:

₹13,120

Explanation:

We know ,

Simple Interest = $\frac{Principal ×Rate × Time }{100}$

= $\frac{8000 ×8 × 8 }{100}$

= 5120

Amount = Principal + Simple Interest

= 8000 + 5120

= Rs. 13120