Question

A woman deposits 600 with 6% annual loan. If she withdraws all the money in the account after 120 days how much does she withdraw?

Answer 1

`=611.8356`

Explanation:

The simple interest on `600` at an annual rate of `6%` in `120`days or `120/365` years, is

`=600\times 6/100\times 120/365`

`=11.8356`

hence, total money withdrawn by woman in `120` days will be equal to the sum of principle & simple interest as follows

`600+11.8356`

`=611.8356`