A person deposited Rs. 4000 in a bank at 6% compounded continuously, after 3
years the rate of interest was increased to 7% and after 5 more years, the rate was
further increased to 8%, the money was withdrawn at the end of 10 years. Find
the amount
Answers
Answer:
Step-by-step explanation:
A person deposited 1000 Rs. in a bank.
He got rate of interest for first 5 years 5%.
A=P(1+\frac{r}{n})^{nt}A=P(1+
n
r
)
nt
A = future amount
P = Principal amount = 1000 Rs.
r = Rate of interest = 5% = 0.05
n = number of compounding = 1
t = time = 5 years
A=1000(1+(\frac{0.05}{1} )^{(1\times5)}A=1000(1+(
1
0.05
)
(1×5)
=1000(1+0.05)^5=1000(1+0.05)
5
= 1000 × (1.05)⁵
= 1000 × 1.276281
= 1276.28 Rs.
Now principal amount would be = 1276.28 Rs.
r = 6% = 0.06
t = 4 years
A=1276.28(1+\frac{0.06}{1})^4A=1276.28(1+
1
0.06
)
4
= 1276.28(1+0.06)^41276.28(1+0.06)
4
= 1276.28 × 1.26247
= 1611.27 Rs.
The money was withdrawn at the end of 12 years.
The remaining years of deposit = 12 -(5+4) = 3 years
Now principal amount would be = 1611.27 Rs.
r = 7% = 0.07
t = 3 years
A=1611.27(1+\frac{0.07}{1})^{(1\times3)}A=1611.27(1+
1
0.07
)
(1×3)
=1611.27(1+0.07)^3=1611.27(1+0.07)
3
= 1611.27 × 1.2250
= 1973.8750 ≈ 1973.88 Rs
Step-by-step explanation:
mark as brainlist