Shrikant deposited `₹`85,000 for `2 1/2` years at 7 p.c.p.a. in a savings bank account. What total interest will be receive at the end of the period ?

Explanation

Here, P = `₹`85,000, R = 7 p.c.p.a., T= `2 1/2` years, I=?
`I=(PxxRxxT)/100`
`=(85000xx7xx2 1/2)/100`
`=850xx7xx5/2=₹14,875`
Shrikant will receive `₹`14,875 at the end of the period.