A bank offers 10% interest rate compounded annually. A person deposits rs. 20,000 every year in his account. If he does not withdraw any money, then what would be the balance in his account after four years?
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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
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
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ANSWER: ₹10282
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