Aby lent Rs.8,000 to his friend for 3 years at the rate of 5% per annum compounded annually. What amount does Aby get afer 3 years?
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Given : Aby lent Rs.8,000 to his friend for 3 years at the rate of 5% per annum compounded annually
To Find : What amount does Aby get afer 3 years
Solution:
P = 8000
R = 5 % per annum
n = 3 Years
A = P(1 + R/100)ⁿ
=> A = 8000 ( 1 + 5/100)³
=> A = 8000 ( 21/20)³
=> A = 8000 x 21³/20³
=> A = 8000 x 9261 / 8000
=> A = 9261
Aby get after 3 years = RS 9261
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