Q.A person deposits 5000 rupees in a bank in two separate accounts for 8 years and 10 years, respectively. If the interest rate is 8%, what is the difference in interest? (a) ₹ 400 (b) ₹ 600 (c) ₹ 800 (d) ₹ 1200
Answer: C
In the first case, interest amount \(=\cfrac{5000\times 8\times 8}{100}\) rupees = 3200 rupees
In the second case, interest amount \(=\cfrac{5000\times 10\times 8}{100}\) rupees = 4000 rupees
\(\therefore\) Difference in interest = (4000 - 3200) rupees = 800 rupees
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