Question

Ajay deposited rupees 20000 in a bank where compound interest at the rate of 6​

Answer 1

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Answer 2

He gets Rs. 23,820.32 at the end of 3 years.

Step-by-step explanation:

Given :

• Principal (P) = Rs 20,000

• Interest rate (r) = 6 %

• Time (n) = 3 years

To find :

• How much amount he will get at the end of third year

Solution :

$\sf{\longrightarrow{A=P(1 + \dfrac{R}{100} )^{n}}}$

$\sf{\longrightarrow{A=20,000 \: (1 \: + \: \dfrac{6}{100} ) ^{3}}}$

$\sf{\longrightarrow{A=20,000 \: (1 \: + \: 0.06)^{3}}}$

$\sf{\longrightarrow{A=20,000 \: (1.06) ^{3}}}$

$\sf{\longrightarrow{A=20,000 \: \times \: 1.191016}}$

A = 23,820.32

Therefore, he gets Rs. 23,820.32 at the end of 3 years.