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calculate the simple interest when a sum of Rs 20000 is deposited for 3 years at an interest rate of 8 percent per annum

Solution

calculate the simple interest when a sum of Rs 20000 is deposited for 3 years at an interest rate of 8 percent per annum

Solution

Interest : 4800

Solution steps

Translate the problem into an equation:

I = 20000 \cdot 0.08 \cdot 3

Simplify

I = 20000 \cdot 0.08 \cdot 3

Interest : 4800

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