Calculate the amount on a sum of 5000 at 10% p.a. compoundedannually for 3 years.
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Answer:
P=Rs. 5000
r=10%
t=10 years
By using the formula to calculate amount on which interest is compounded annually,
A=P(1+r/100 )^10
=5000(1+10/100)^10
=5000(1.1)^10
=5000×2.594
=Rs. 12970
Hence, Rs. 5000 will amount to Rs. 12970 in 10 years at rate of interest 10% per annum.
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