Question

A sum of ₹ 16,000 is invested at 10% per annum compound interest for 3 years .Calculate

the amount at the end of the third year. (use formula)—> = (1 + % )

?​

Answer 1

Given : A sum of ₹ 16,000 is invested at 10% per annum compound interest for 3 years

To Find : amount at the end of the third year.

Solution:

P = 16000

R = 10 % pa

n = 3  years

A  = P ( 1  + R/100)ⁿ

=> A = 16000 ( 1 + 10/100)³

=> A = 16000 ( 11/10)³

=> A = 16 * 11³

=> A =  21,296

amount at the end of the third year  = 21296 Rs

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