Question

14. If A person invests Rs.3,000 in a three years’ investment that pays you 12% per annum. Calculate the

future value of the investment.
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Answer 1

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If A person invests Rs 3000 in three years invesment that pays you 12% per annum. The future value of the investment will be Rs. 4080

Step-by-step explanation:

Given that,

Principal (P) = Rs. 3000

Time (t) = 3 years

Rate of interest (r) = 12% p.a.

Then using the relation [ I = Ptr/100 ], where I is the interest for the sum P at the rate of r% p.a. for t years, we get

I = Rs. (3000 × 3 × 12)/100

= Rs. 1080

Therefore the future value of the investment becomes

= Rs. (3000 + 1080)

= Rs. 4080

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