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

Answer:

(i) at the end of 2nd year he will get Rs 780000

(ii) the sum of his money is Rs270000

Step-by-step explanation:

(i) as he has invested Rs60000

he gets 15%per annum

so,15%of60000 =9000 per annum

and in 2 annum he will get =18000

so after 2 years he will get Rs 780000

(ii)the sum at which his money grow in 1 year is 9000

so in 3 years it will be=Rs 27000