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A man deposited $Rs$ $10000$ in a bank at the rate of $5 \%$ simple interest annually. Find the amount in $15^{\text {th }}$ year since he deposited the amount and also calculate the total amount after $20$ years.
$Rs$ $20000$
$Rs$ $20000$
$Rs$ $20000$
$Rs$ $20000$
Solution
It is given that the man deposited $Rs.$ $10000$ in a bank at the rate of $5 \%$ simple interest annually.
$=\frac{5}{100} \times Rs .10000= Rs .500$
$\therefore$ Interest in first year $10000+\underbrace{500+500+\ldots+500}_{14 \text { times }}$
Amount in $15^{\text {th }}$ year
$= Rs . 10000+14 \times Rs .500$
$= Rs .10000+ Rs .7000$
$= Rs .17000$
Amount after $20$ years $= Rs .10000+\underbrace{500+500+\ldots+500}_{20 \text { times }}$
$= Rs .10000+20 \times Rs .500$
$= Rs .10000+ Rs .10000$
$=R s .20000$
