Aman invested Rs 25,000 in a fixed deposit with a simple interest rate of 3.75%. How much interest will he earn after 4 years?Options3250395037504150
Question
Aman invested Rs 25,000 in a fixed deposit with a simple interest rate of 3.75%. How much interest will he earn after 4 years?Options3250395037504150
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Solution 1
To calculate the simple interest, you can use the formula:
Interest = Principal x Rate x Time
where:
- Principal is the initial amount of money that was invested or loaned. In this case, it's Rs 25,000.
- Rate is the annual interest rate. Here, it's 3.75%. But we need to use it as a decimal in our Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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