Question

a man saves rupees 3000 every year and invest it at the end of the year at 10% compound interest calculate the total amount of a savings at the end of the 30 years

Answer 1

Answer:

The total amount of a savings at the end of the 30 years is 1,01,625.

Step-by-step explanation:

The formula of interest in recursive deposit is

$I=\frac{P\times n(n+1)r}{2400}$

It is given that a man saves rupees 3000 every year and invest it at the end of the year at 10% compound interest.

$I=\frac{3000\times 30(30+1)10}{2400}=11625$

The amount after 30 years is

$Amount=Deposit+Interest$

$Amount=3000\times 30+11625$

$Amount=90000+11625$

$Amount= 101625$

Therefore the total amount of a savings at the end of the 30 years is 1,01,625.