A man saves Rs. 3000 every year and invests the at the end of the year at 10% compound interest. calculate the total amount of his savings at the end of third year.?
Answers
Answered by
3
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
hope you understand it bro do hardwrok all the best.
Similar questions