Question

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( without using formula)​

Answer 1

Answer:

6655

Step-by-step explanation:

interest after year 1 =5000 X 10/100= 500

adding this to 5000

5000+500= 5500

interst after 2nd year = 5500x 10/100= 550

adding this to 5500

5500+550= 6050

interest after 3rd year = 6050 x 10/100= 605

adding this to 6050

6050 +605 = 6655

amount after 3rd year : 6655