Question

An amount of ?15,000 is invested at 8% p.a compounded annually, calculate amount after 3 years​

Answer 1

Answer:

18878.4

Step-by-step explanation:

Formula = (P×R×T)/10

For 1st year-

p= 15,000

R= 8%

T= 1 year

C. I= (15, 000×8×1) /100 = 1200

Amount = 15,000+ 1200

= 16,200

For 2nd year

p= 16,200

R= 8%

T= 1 year

C. I= (16,000×8×1) /100= 1280

Amount= 16,200+1280

= 17,480

For 3rd year

p= 17,480

R= 8%

T=1 year

C. I= (17480×8×1) / 100= 1398.4

Amount= 18878.4