Anil deposited Rs. 20,000 for saving as a fixed deposit in a bank at 10% per annum. Find the
amount he will get after 5 years. What are the benefits of savings?
Answers
Step-by-step explanation:
Compound interest after 1 and a half years is interest is compounded yearly = P[(1 + r/n)^nt] - P = 20000[(1 + 0.1/1)^1.5] - 20000 = Rs 12210.2
Compound interest after 1 and a half years is interest is compounded half yearly= P[(1 + r/n)^nt] - P = 20000[(1 + 0.1/2)^(1.5X2)] - 20000 = Rs 3152.5
Difference = Rs (12210.2 - 3152.5) = Rs 9057.7
You haven't written that we have to solve through C.I. or S.I.
Amount through C.I. = 20000×11×11×11×11×11÷10÷10÷10÷10÷10 = 11 × 11 × 11 × 11 × 11 ÷ 5 = ₹ 32,210.20
Amount through S.I. = 20000×150÷100 = 200 × 150 = ₹ 30,000
Th benefits of savings are that we. get interest as well as the government give this money to other people on more rate percent which helps to develope our country .
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