Question

• 7. Mr Singh invests Rs 60,000 in a mutual fund which grows at the rate of 15% per annum.(i) What sum will he receive at the end of the second year?(ii) What is the sum by which his money will grow in 3 years?​

Answer 1

Step-by-step explanation:

(i)

$I = \frac{ptr}{100}$

$I = \frac{60000 \times 15 \times 2}{100} = 18000$

sum will be

$60000 + 18000 = 78000$

(ii)

$I = \frac{60000 \times 15 \times 3}{100} = 27000$

sum will be

$60000 + 27000 = 87000$