at the start of a year there were rs 24000 in a savings account.after adding rs 56000 to this the entire amount was invested in the bank at 7.5% compound interest what will be the total amount after 3 years
Answers
Amount added = Rs 56,000.
Total amount invested in bank = Rs 80,000.
Interest rate = 7.5% (compound interest) per annum.
period of accumulation (deposit) = 3 years.
Formula for compound interest case; A = P * (1 + r/100)^n
Amount of maturity after 3 years
= Rs 80,000 * (1 + 7.5/100)³
= Rs 80,000 * 1.075 * 1.075 * 1.075
= Rs 99, 383.75
Answer
Answer:
99383.75
Step-by-step explanation:
At the start of year there were Rs 24,000 in a savings account.
Amount added 56,000
Therefore, 56,000+24,000=80,000.
Compound Interest = Amount - Principal.
Principal amount = 80,000 Rate =7.5 % Years=3 years
Amount = P (1+ R/100 ) 3
80,000 (1+ 7.5/100) 3
80,000 (1+ 75/1000)3
80,000 (1+3/40) 3
80,00 (40+3/40)3
80,000 (43/40) 3
∴ 80,000 × 43/40 × 43/40 × 43/ 40
80 × 43/4 × 43/4 ×43/4 [Three zeroes are eliminated]
20 × 43 ×43/4 ×43/4 [80 is divided by first 4]
5 ×43 ×43 ×43/4 [20 is divided by second 4]
=397535/4 [ 43 ×43 ×43 ×5= 397535 and is divided by last 4]
=99383.75.
Your answer is here Sorry for lengthy method .