R wants to deposit Rs 80,000 in the bank for a year. In his account , the bank gives 12% simple annual interest but charges Rs 3,000 s a processing fee for the account. What would be his percentage earning in the account?
This questions was previously asked in
ssc cgl 2023 pre
Explanation:
- Initial Deposit: R deposits Rs 80,000.
- Interest Rate: The bank offers 12% simple annual interest.
- Interest Earned: 12% of Rs 80,000 = Rs 9,600.
- Processing Fee: Rs 3,000 is deducted as a processing fee.
- Net Earnings: Rs 9,600 (interest) - Rs 3,000 (fee) = Rs 6,600.
- Percentage Earnings: Rs 6,600 net earnings on Rs 80,000 deposit.
To calculate the net percentage earning:
- \(\frac{6,600}{80,000} \times 100 = 8.25\%\)
- Option 1: 8.75%
- Option 2: 9%
- Option 3: 8.5%
- Option 4: 8.25%
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By: Parvesh Mehta