Question

A man deposits Rs 200 at the end of each
year in recurring account at 5% compound
interest. How much will it become at the
end of 3 years?​

Answer 1

Answer:

Rs. 662.025 will it becomes at the  end of 3 years.

Step-by-step explanation:

Given,

Principle(P) = Rs. 200, rate (R) = 5 % and time(n) = 3

To find, amount(A) = ?

We know that,

Amount, A

The amount of first year,

∴ Amount, A

The principle of second year = Rs. 200 + Rs. 210 = Rs. 410

The amount of second year,

= Rs. 430.5

The principle of third year = Rs. 200 + Rs. 430.5= Rs. 630.5

= Rs. 662.025

Thus, at the  end of 3 years it becomes Rs. 662.025.