Which amount to be received after 3 years at the rate of 7% p.a. of simple interest on a sum of Tk. 2800?

Question: Which amount to be received after 3 years at the rate of 7% p.a. of simple interest on a sum of Tk. 2800?

Soution:
Given,
Rate of interest, r = 7%
Pricipal, P = 2800 Tk.
Time, n = 3 years.

∴ Total interest, I = Pnr
= (2800 × 3 × 7)/100
= 588 Tk.

So, amount = Principal + Simple interest
= (2800 + 588) Tk.
= 3388 Tk.