Question

Calculate the amount on a sum of 5000 at 10% p.a. compounded annually for 3 years.
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Answer 1

Answer:

A= p(1+R/100)n (where n is time )

A= 5000(1+10/100) 3

A= 5000(110/100)3

A= 5000* 110/100*110/100*110/100

A. = 5 *110*11/10*11/10

now please multiple these number

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Answer 2

In context of question asked,

We have to determine the value of the amount.

As per question,

P = Rs. 5000

Time = 3 years

Rate = 10%

Interest = Compound interest

As we have the formula for compound interest,

$A = P (1+\frac{r}{100})^t$

So, putting the value given in the question in above formula,

We will get,

$A = 5000 \times [ 1+\frac{10}{100}]^3\\A=5000 \times [ \frac{100+10}{100}]^3\\A = 5000 \times [ \frac{110}{100}]^3\\A = 5000 \times [\frac{11}{10}]^3\\A = 5000 \times \frac{11}{10}\times \frac{11}{10}\times \frac{11}{10}\\=>A = Rs. \:6655$

Hence, value of amount after 3 years will be Rs. 6655.