A bank offers 10 interest rate compounded annually.A person deposited rs 20000 every year in his account.If he does not withdraw any money ,then what would be the balance in his account after four years
Answers
Answered by
0
Answer:
Step-by-step explanation:
Principal = 20000
Rate= 10%
Time =4 year
SI of 1 year = P*R*T/100
= 20000*10*1/100
= 2000
Principal for 2nd year = 20000+2000
= 22000
SI of 2nd year = 22000*10*1/100
=2200
principal for 3rd year = 22000+2200
=24200
SI of 3rd year = 24200*10*1/100
=2420
principal for 4th year =24200+2420
=26620
SI of 4th year = 26620*10*1/100
=2662
CI =2000+2200+2420+2662
=10282
Hope it helps you....
Similar questions