Question

4. Rakesh borrowed 50, 000 from Allahabad Bank to buy a two wheeler al 8% pa. compounded annually. What amount will he pay to the bank after 3 years to discharge his debt?​

Answer 1

Step-by-step explanation:

$a = p(1 + \frac{r}{100} ) ^{3} \\ = 50000(1 + \frac{8}{100} ) ^{3} \\ = 50000( \frac{ \: \:108}{100} ) ^{ \:3}$

$50000( \frac{1259712}{1000000} ) \\ = 62985.6$