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A bank pays interest at the rate of $8 %$ per annum compounded yearly. Find the interest by simple interest method if $Rs . 8000$ was deposited for $3$ years.

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Rs . 1000

Rs . 2077.7

Rs . 2000

Rs . 3456

answer is B.

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Detailed Solution

Given,

P = Rs . 8000,

R = 8

%,
Time period

= 3

years
Interest in

1

st year

= \frac{P \times R \times T}{100}

\Rightarrow \frac{8000 \times 8 \times 1}{100}

\Rightarrow Rs . 640

Principal amount for

2

nd year will be,

P^{'} = P + 640

\Rightarrow Rs . 8000 + Rs . 640

\Rightarrow Rs . 8640

Interest in

2

nd year

= \frac{8640 \times 8}{100}

\Rightarrow Rs . 691.2

Principal amount for

2

nd year will be,

P^{″} = P^{'} + 691.2

\Rightarrow Rs . 8640 + Rs . 691.2

\Rightarrow Rs . 9331.2

Interest in

3

rd year

= \frac{9331.2 \times 8}{100}

\Rightarrow Rs . 746.5

So, total interest

= 640 + 691.2 + 746.5

\Rightarrow Rs . 2077.69

\approx Rs . 2077.7

Hence, the correct option is (2) .

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