Question

A man has Rs. 8,000 in his bank account. He saved some money at the end of the year and deposited it in the bank. If the bank pays 9% per annum compound interest; and at the end of two years he had Rs. 12,774.80 in his bank account. Find what amount of money he has saved and deposited in his account at the end of the first year.​

Answer 1

Given :

p = ₹8000

SI = 8%

Time = 8 years.

Formula used :

SI = PRT/100

Calculation :

SI = (8000 × 8 × 8)/100

=> SI = 5120

Therefore, A = P + SI = ₹ ( 8000 + 5120) = 13120