A man deposited Rs. 10,000 in a bank at the rate of 5% simple interest annually. Find the amount in 15th year since he deposited the amount and also calculate the total amount after 20 years.
Money deposited = Rs 10,000, Rate of interest = 5%
Interest for one year =
Let a be the amount deposited and d be the interest every year.
∴ a = 10000, d = 500
Amount in the 15th year =
Let denote the total amount after 20 years
= 10 [29500] = Rs. 29500