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If Rehman deposited Rs. 1,50,000 in a bank for 3 years at the rate of 8% per annum, how much interest will he receive at the end of the period.

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37000

35000

34000

36000

answer is D.

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Detailed Solution

Hence the principal amount P is Rs. 1,50,000

Now it is given that the money is deposited for 3 years so the time period is given by:-

Also, it is given that the rate of interest is 8% per annum.
Hence,

where P is the principal amount, R is the rate of interest in fraction, T is the time period.

Therefore, the required interest is Rs. 36000.
So, option 4 is correct.

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