Question

A man invests rs 10000 in an account that pays 8% interest per year, compound quarterly. What is the amount of money that he will have after 105 years?

Answer 1

P=10000
R=8 percent
T=105 years

SI=P×R×T/100
SI=1000×8×105/100
=8,400

Amount=SI+P
=8,400+10,000
=18,400
Thus,the amount of money is 18,400.

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Answer 2

Given:

Principle amount RS. $10,000$

The Annual ratio of Intrest: $8%$%

Compounding time quarterly

To Find:

Amount after $105$ Years.

Solution:

In this sum, the formula for compound interest can be applied

Amount = P$[1+\frac{r}{n}]^{nt}$

In the given question we can see that A is the Amount

In the given question we can see that P is the Principle - $10,000$

In the given question we can see that R is the Rate Of Intrest - $8$%

In the given question we can see that N is the Number of times compounded - $4$ (Quaterly)

In the given question we can see that T is the time frame or No of Years. -  $105$

A =   $10000[1+\frac{8}{100}]^{4X105}$

A =   $10000 [\frac{108}{100}]^{400}$

A =   $[10800]^{400}$ Rs.

Answer: The amount he will have at the end of 105 years is $[10800]^{400}$ Rs.