Q57 of 90 Page 133

Shikha deposited Rs 2000 in a bank which pays 6% simple interest. She withdrew Rs 700 at the end of the first year. What will be her balance after three years?

Rate of interest is given as 6%


Principle amount = Rs. 2000


Interest after 1 year


Net amount at the end of first year


= Principle + interest – Amount withdrawn = 2000 + 120 – 700


= Rs. 1420


For the next 2 years, simple interest will be paid at the rate of 6% on the amount of Rs 1420 which is



Balance after 3 years = 1420 + 170.40 = Rs. 1590.40


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