a man saves rupees 3000 every year and invest it at the end of every year at 10% compound interest calculated the total amount of his savings at the end of 3rd year
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Step-by-step explanation:
Amount (A) = 3000
Rate (r) = 10%
Time (n) = 3rd year
Compound interest = A + ( 1 + r/100 ) ^n
= 3000 + ( 1 + 10/100) ^3
= 3000 + ( 110/100) ^3
= 3000 + ( 1.1)^3
= 3000 + ( 1.331)
= 3000 + 1.331
= 3001.331 Rs
I think so this is the correct answer
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