Question

Khairul deposited $600 in a bank at the end of 2010 and another $400 in the same bank at the end of 2011. The bank offers simple interest at a rate of 3% per annum. Find the total amount he has in his bank at the end of 2013.

Answer 1

Answer: 19.50

Step-by-step explanation: 600(0.03)(9/12)+400(0.03)(6/12)=19.50

Answer 2

Answer with Step-by-step explanation:

Khairul deposited $600 in a bank at the end of 2010 at the rate of 3 % per annum simple interest.

simple interest=$\dfrac{P\times r\times t}{100}$

where P is the principal amount

r is the interest rate and t is the time

interest got till the end of 2011= $\dfrac{600\times 3\times 1}{100}$

                                                 = $ 18

Khairul deposited $400 in the same bank at the end of 2011.

At the end of 2011 total amount in his bank= $(600+18+400)

                                                                       = $1018

Interest he got from end of 2011 till end of 2013=$\dfrac{1018\times 3\times 2}{100}$

                                                 = $ 61.08

Total amount in his bank at the end of 2013=$(1018+61.08)

                                                                        = $ 1079.08

Hence, total amount Khairul has in his bank at the end of 2013 is:

$ 1079.08