850 is invested for 3 years at the rate of 10 % per year on simple interest. What will be total amount at the end of 3 years?Options1,1471,296None of these1,2951105
Question
850 is invested for 3 years at the rate of 10 % per year on simple interest. What will be total amount at the end of 3 years?Options1,1471,296None of these1,2951105
Solution
To solve this problem, we need to use the formula for simple interest which is I = PRT, where P is the principal amount, R is the rate of interest, and T is the time in years.
Step 1: Identify the values from the problem. P = 850 (the initial investment) R = 10/100 = 0.10 (the interest rate) T = 3 (the number of years)
Step 2: Substitute the values into the formula. I = PRT I = 850 * 0.10 * 3 I = 255
This means that the interest earned after 3 years is 255.
Step 3: To find the total amount at the end of 3 years, we add the interest earned to the initial investment. Total amount = P + I Total amount = 850 + 255 Total amount = 1105
So, the total amount at the end of 3 years will be 1105.
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