Question

A man deposited Rs,5000in a bank at6% compound interest.what amount will be get after 3year?

Answer 1

Given:-

▪︎Principal(P)= Rs.5000

▪︎Rate of interest(R)=6%

▪︎Time(n)=3yrs

To find:-

▪︎Amount(A)

Solution:-

We know that----

=>A=P(1+R/100)^n

=>A=5000(1+6/100)³

=>A=5000×106/100×106/100×106/100

=>A=1191016/200

=>A=5955.08

Thus,the man will get an amount of Rs.5955.08 after 3years.

Answer 2

Step-by-step explanation:

☆You can use short tricks that is ratio method

The ratio of 3 years is 3:3:1

3 = 5000×6% = 300 ×3 = 900

3= 300×6% = 18 × 3 = 54

1 = 18× 6% = 1.08

interest = 900 + 54 +1 = 955

so,

amount = 5000 + 955 = 5955