Question

Ajay deposited rupees 20000 in a bank where compound interest at the rate of 6% annualy.how much amount he will get at the end of third year​

Answer 1

Answer:

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.

Answer 2

${\large{\bold{\rm{\underline{Given \; that}}}}}$

★ Ajay deposited Rupees 20,000 in a bank

★ Where compound interest is at the rate of 6 percentage annualy

Means,

Principal = 20000 Rupees ★

Rate of interest = 6% ★

Time = 3 years ★

${\large{\bold{\rm{\underline{To \; find}}}}}$

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

${\large{\bold{\rm{\underline{Solution}}}}}$

★ Rupees 23,820.32 he will get at the end of third year

${\large{\bold{\rm{\underline{Using \; concept}}}}}$

★ Formula to find Compound Interest

${\large{\bold{\rm{\underline{Using \; formula}}}}}$

★ P(1+R/100)^n

${\large{\bold{\rm{\underline{Full \; Solution}}}}}$

${\sf{:\implies Amount \: = P ( 1+ R/100 )^{n}}}$

${\sf{:\implies Amount \: = 20000 ( 1+ 6/100 )^{3}}}$

${\sf{:\implies Amount \: = 20000 (1+0.06)^{3}}}$

${\sf{:\implies Amount \: = (1.06)^{3}}}$

${\sf{:\implies Amount \: = 20000 \times 1.06 \times 1.06 \times 1.06}}$

${\sf{:\implies Amount \: = 20000 \times 1.191016}}$

${\sf{:\implies Amount \: = 23,820.32}}$

${\large{\bold{\rm{\underline{Explore \; more}}}}}$

~ Sσmє mσrє knσwlєdgє rєlαtєd tσ tσpic - Cσmpαring Quαntitiєs !..

♛ Discount is a reduction given on market price.

◆ Discount = Marketed price - Sale price.

♛ Discount can be calculated when discount percentage is given.

◆ Discount = Discount percentage of Marketed Price

♛ Additional expenses made after buying an article are included in the cost price and are known to be “overhead expenses”

◆ CP = Buying Price + Overhead expenses.

♛ Sales tax is charged on sale of an item by the government and is added to the bill amount.

◆ Sale tax = Tax % of bill amount

♛ Some extra formulas -

◆ Amount when interest is compounded annually -

P(1+R/100)^n

◆ Amount when interest is compounded half yearly -

P(1+R/200)^2n

${\bf{Where,}}$

• ↝ P denotes Principal

• ↝ R denotes rate of interest

• ↝ n denotes time

• ↝ R/2 denotes half yearly rate

• ↝ 2n denotes no. of half year