Question

(4) At the start of a year there were Rs. 24,000 in a savings account. After adding Rs. 56,000 to this the entire amount was invested in the bank at 7.5% compound interest. What will be the total amount after 3 years ?

Answer 1

PRINCIPAL- 24000+56000
- 80000
RATE- 7.5% P.A.
TIME- 3 YEARS

AMOUNT= P(1+R/100)^T
=80000(1+7.5/100)^3
=80000(1.242296875)
=99,383.75

SO AMOUNT= 99383.75