deposited 20000 in a bank at rate 10% annum find the difference in the compound interest after 3years the interest is compounded yearly
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✨Here is your answer✨
Deposit amount = 20000
Rate percent = 10 %
Time = 3 years
1st year intrest
Interest is 10 % of 20000
10 % = 20000 × 10 ÷ 100
10 % = 2000
Interest = 2000
Total ammount with intrest 20000 + 2000 = 22000
2nd year intrest
10 % of 22000
10 % = 22000 × 10 ÷ 100
10 % = 2200
Total ammount with intrest
22000 + 2200 = 24200
3rd year intrest
10 % = 24200 × 10 ÷ 100
10 % = 2420
Total ammount with intrest
24200 + 2420 = 26620
Total ammount after 3 years intrest is 26620
Interest of all year is 6620.
I hope it's helpful for you. Thank you ❤️❤️
✨Here is your answer✨
Deposit amount = 20000
Rate percent = 10 %
Time = 3 years
1st year intrest
Interest is 10 % of 20000
10 % = 20000 × 10 ÷ 100
10 % = 2000
Interest = 2000
Total ammount with intrest 20000 + 2000 = 22000
2nd year intrest
10 % of 22000
10 % = 22000 × 10 ÷ 100
10 % = 2200
Total ammount with intrest
22000 + 2200 = 24200
3rd year intrest
10 % = 24200 × 10 ÷ 100
10 % = 2420
Total ammount with intrest
24200 + 2420 = 26620
Total ammount after 3 years intrest is 26620
Interest of all year is 6620.
I hope it's helpful for you. Thank you ❤️❤️
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