Question

2. To receive Rs 8000, 9000 and 8000 from a bank at the end of every
year for the next three years, find out what amount Mr R should
deposit in a bank. Given the bank is offering interest rate @11%.
ANSWER​

Answer 1

Answer:

we know that,

A=P(1+

100

R

)

n

Putting the values in this formula we will get the amount

Principal is 8000

time is 3 years

rate is 3%

so,

=8000(1+

100

5

)

3

=8000×(1.05)

3

=8000×1.1576=9261

After 3 years he will get Rs9261