a man saves 200 at the end of each year and lends the money at 5% compound interest. How much will it become after 3 years?
Answers
Answered by
4
Explanation:=[200(2120×2120×2120)+200(2120×2120)+200(2120)]=662.02
Answered by
6
p=200, n=3
A1=p(1+5/100)³
=200(1.05)³
=200×1.157=231.526 for the first year saving
for n=2
A2=200×(1.05)²=200××1.102=220.5
for n=1
A3=200×1.05=210
After three years=231.5+220.5+210=662
A1=p(1+5/100)³
=200(1.05)³
=200×1.157=231.526 for the first year saving
for n=2
A2=200×(1.05)²=200××1.102=220.5
for n=1
A3=200×1.05=210
After three years=231.5+220.5+210=662
Similar questions