A man saves 5.000 every year and invests it
at the end of the year at 10% p.a. compound
interest. Calculate the total amount of his savings
at the end of the third year.
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Rizwanamansuri9262
05.10.2018
Math
Secondary School
+5 pts
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A man saves ₹5000 every year and invests it at the end of the year at 10%pa compound interest. Calculate the total amount of his savings at the end of their third year and compound interest earned in three years.
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Answer
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R = Savings at the end of each year = 5000
i = Compound interest rate = 10 %
n = Duration = 3 years
S= Total Savings =
S = R(1+i)^n
= 5000 ( 1 + 10/100)^3
= 5000 ( 1 + 0.1)^3
= 5000 (1.1)^3
= 5000 (1.331)
= 6655 = Total Savings at the end of 3 years
Compound Interest = Savings at the end - Savings at the beginning
= 6655 - 5000
=1655
Answer:
answer is 1655
Step-by-step explanation:
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