Question

7. Manisha deposited 1000 at 5% per annum of
compound interest for 3 years with State Bank
of India. What will she get back at the expiry of
the period ?​

Answer 1

Step-by-step explanation:

Hence in this question we have the initial amount as 1000 rs and the interest rate is 5% per annum interest compounded for 3 years.

After one year the amount will be:-

1000 + 5% x 1000 =1050.

After 2 years it will be :-

1050 + 5% x 1050 = 1102.5.

After 3 years it will be:-

1102.5 + 5% x 1102.5 = 1157.625 which is the answer.

Hence she will get 1156.625 rs after the expiration period.

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