What is the simple interest on RS 1000 for 2 years at 8% per annum?

Okay, so you want to know about simple interest, huh? Like, what you’d get if you put, say, ₹1000 in a super-boring savings account. I remember my grandma used to have one of those, back in the day. Anyway, ₹1000 for two whole years at 8% a year… let me think… that seems like a pretty low rate now, doesn’t it? Things were different then, I guess.

So, the formula – yeah, I had to look this up, I’m not a financial whiz – is Principal times Rate times Time. Simple, right? Except sometimes those formulas can look scarier than they actually are. It’s like when I tried to bake that sourdough bread, the recipe looked intimidating, but it turned out fine, mostly. Anyway, ₹1000 (that’s your principal) times 0.08 (that’s your 8% as a decimal – gotta remember those conversions!) times 2 (two years).

That’s ₹160. So, after two years, you’d have earned ₹160 in simple interest. Not a fortune, I know. Probably wouldn’t even buy you a decent dinner out these days! But it’s something, right? Makes me think I should probably look into investing in something a little more… exciting than my grandma’s old savings account. Maybe stocks? Oh boy, now I’m getting ahead of myself.

#Calculation #Interestrate #Simpleinterest