Question

A man saves rs.3000 every year and invests it at the end of the year at 10% compound interest.Calculate the total amount of his savingd at the end of the third year. ​

Answer 1

Answer:

3993

Step-by-step explanation:

3000 × 10/100= 300. 1st year

3000+300=3300 × 10/100= 330. 2nd year

3300+330= 3630 × 10/100= 363 3rd. year

total will be 3993

Answer 2

Step-by-step explanation:

For the first year, on interest being compounded at R=10 %, we have

Amount=P(1+

100

R

)

N

=3,000×(1+

100

10

)

1

=3,000×1.1=Rs3,300

For the second year, P=Rs 3,300+Rs 3000=Rs 6,300 on interest being compounded at R=10 %, we have

Amount=P(1+

100

R

)

N

=6,300×(1+

100

10

)

1

=6,300×1.1=Rs6,930

At the end of third year, P=Rs 6,930+Rs 3000=Rs 9,930

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