Question

A person deposits 5000 in a bank which pays an interest of 11% per annum compounded continuously. How much amount will be in his account after 10 years?

Answer 1

Solution

Principal, P = 5000
Rate, R = 11 % p.a
No. of years, N = 10

Amount = ?

Amount in CI = $P * ( 1 + \frac{R}{100} )^{N}$

                      = 5000 * ( 1 + 11/100 )^10
                      = 5000 * ( 111/100 )^ 10
                      = 5000 * 1.11^10
                      = 5000 * 2.8394
                      = 14197

∴ After 10 years, amount in his bank account will be 14197

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Answer 2

Hi.

Good question...Keep Progressing...

Here is your answer---

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Given---
  
Principal(P) = Rs. 5000
Rate of Interest(r%) = 11%
Time(n) = 10 years.

Using the Formula of Amount when the Interest is compounded annually,

                   Amount = P(1 + r%/100)^n
                Amount     = 5000(1 + 11/100)^10
              Amount    = 5000({100 +11}/100)^10
                Amount   = 5000(111/100)^10
                   Amount = Rs. 14197.11

Thus, Amount is Rs. 14197.11

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