Aryan invested rs 15,000 in a fixed deposit scheme for 3 years at 5% p.a. compounded annually. How much amount will Aryan get on maturity of the fixed deposit?
Answers
Answer:
₹17,183.85
Step-by-step explanation:
for the question it is given that:
P = ₹ 15,000
t = 3 years
r = 5%
for the first year:
t = 1 year
We know that, S.I = ( P×t×r) /100
= (15,000×1×5)/100
= ₹ 750
then, A = P + S.I
= ₹ 15,000 + ₹ 750
= ₹15,750
Therefore, new principal is ₹ 15,750.
Now, for second year:
t = 1 year
P= ₹ 15,750
S.I = ( P×t×r) /100
= (15,750×1×5)/100
= ₹ 787
then, A = P + S.I
= ₹ 15,750 + ₹ 787
= ₹ 16,537
Therefore, new principal is ₹ 16,537.
Last, for third year:
t = 1 year
P = ₹ 16,537
S.I = ( P×t×r) /100
= (16,537×1×5)/100
= ₹ 826.85
then, A = P + S.I
= ₹ 16,537 + ₹ 826.85
= ₹ 17,183.85
Step-by-step explanation:
Principal=15000 Rate=5%per annum Time=3year
amount= principal (1+rate/100)time
so amount= 15000(1+5/100)3
amount= 15000×105/100×105/100×105/100
amount=17364.375