Question

A principal of rs 2000 is placed in a saving account at 3% per annum compound annually. how much is in the account after 1 year, 2years and 3 year​

Answer 1

Answer:

Enzo, the purpose of this forum is not to give out answers, but to help you understand how to solve the problem.

Compounded annually: Account Balance = Principal x (1 + interest rate (decimal))^number of years. With the given information this is: 2000 (1.03)^2 = 2,121.80. So you will earn 121.80 in interest after 2 years on your original 2000 deposit

Answer 2

A principal of Rs 2000 is placed in a saving account at 3% per annum compound annually. how much is in the account after 1 year, 2years and 3 year​ is Rs 2060, Rs 2121, and Rs 2185.45.

Step-by-step solution

Principal = Rs 2000

Rate = 3%

Time =  1 year, 2 year, 3 years

Amount in the account after 1 year,

$Amount = P (1+\frac{r}{100} )^t$

$A = 2000 (1+\frac{3}{100} )^1$

$A = 2000$ × $\frac{103}{100}$ $= Rs2060$

Amount after 1 year is Rs 2060.

Amount in the account after 2nd year,

$Amount = P (1+\frac{r}{100} )^t$

$A = 2000 (1+\frac{3}{100} )^2$

$A = 2000 (1+\frac{3}{100} )^2$

$A = 2000$ × $\frac{103}{100}$ × $\frac{103}{100}$ $= 2121$

Amount after second year $= Rs 2121$

Amount in the account after 3rd year,

$Amount = P (1+\frac{r}{100} )^t$

$A = 2000 (1+\frac{3}{100} )^3$

$A = 2000$ × $\frac{103}{100}$ × $\frac{103}{100}$ × $\frac{103}{100}$ $= Rs 2185.45$

So, the amount in the account after third year$= Rs 2185.45$

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