Question

14. Calculate the amount if Rs 18,000is invested at 15%p.a. compounded annually for 3 years.

Answer 1

Step-by-step explanation:

here, priciple amount is - 18000

rate of interest is - 15 % p.a.

time period is - 3 years

and it is compounded annuaally.

so, interest after 1 year = 18000×15/100×1

=. Rs 2700

amount after 1 year. = 2700 + 18000

= 20700

similarly interest after 2 year. = 20700×15/100×1 = 3105

so amount after 2 year will be 3105 + 20700 = 23805

now interest after 3 year -. 23805×15/100×1 = 3570.75

now amount after 3 year will be 3570.75 + 23805

= 27375.75

hence the amount after 3 years will be Rs 27375.75