Question

Duive uie Problem.
An initial investment of $1000 is appreciated for 3 years in an account that earns 10% interest, compounded
annually. Find the amount of money in the account at the end of the period.​

Answer 1

Step-by-step explanation:

1 dollars = 76.18 Indian Rupees

Then, $1000 =76.18 ×1000 = ₹ 76180

Now, P = ₹ 76180

R = 10%

T = 3 years

Amount = $P(1+\frac{R} {100} )^{n}$

= $76180(1+\frac{10} {100} )^{3}$

= $76180(\frac{11} {10} )^{3}$

= $76180 \times \frac{1331} {1000} )$

= ₹101,395.58 = $1331