If ₹12,800 is invested in a bank for 5 years at the rate of 9% per annum simple interest. what amount is returned by the bank?

Explanation

Given: ₹12,800 is invested in a bank for 5 years at the rate of 9% per annum simple interest. Concept used: Simple Interest, SI = (P × R × T)/100 Amount = P + SI where P = Principal amount R = Rate of interest per year T = Time in years Calculation: The amount becomes after 5 years ⇒ 12800 + (12800 × 5 × 9)/100 ⇒ 12800 + 5760 ⇒ Rs. 18,560 ∴ The amount returned by the bank is Rs. 18, 560.