Question

A sum of 2,000rs is deposited in a bank at the rate of 5% compounded annually. find the amount after 3 year. [C.I = {(1+R/100)n - 1}, where P is principal, R is rate and n is time]​

Answer 1

Answer:

P=2000

R=5%

N=3years

A=1+R/100^n-1

A =2000(1+5/100)^3-1

2000(3/50)^2

2000×3/5×3/5

=80×9

=270+2000

2270 is the amount after 3 years

Answer 2

Correct question

A sum of 2,000rs is deposited in a bank at the rate of 5% compounded annually. find the amount after 3 year. $C.I = P[{(1+\frac{R}{100} )^{n} - 1]$, where P is principal, R is rate and n is time]​

Answer:

The  value of amount after 3 years is Rs.2314

Step-by-step explanation:

Given:

A sum of Rs.2,000 is deposited in a bank at the rate of 5% compounded annually.

The amount after 3 year.

To Find:

The amount after 3 years

Solution:

As given, a sum of Rs.2,000 is deposited in a bank at the rate of 5% compounded annually.

Principal amount P=Rs.2000           Rate =5% compounded annually.

As given,the amount after 3 year.

Time n=3 years

Applying given formula.

Compound Interest $C.I = P[{(1+\frac{R}{100} )^{n} - 1]$

                                        $= 2000[ {(1+\frac{5}{100} )^{3} - 1]$

                                        $= 2000[ {(\frac{105}{100} )^{3} - 1]$

                                       $= 2000[ (1.05 )^{3} - 1]$

                                        $= 2000[1.157 - 1]$

                                        $=2000\times 0.157$

                                        $=Rs.314$

The value of amount after 3 years =Principal Amount+ CI

                                                         $= 2000+314$

                                                          $=Rs.2314$

The value of amount after 3 years is Rs.2314.

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