Question

Find a compound amount of rs 850000 for 20 years that pays at the rate of 12 % per annum. compounded monthly​

Answer 1

Answer:

Answer:

Compound amount will be Rs 92,58,670.61

Step-by-step explanation:

Given :

Principal = Rs 8,50,000

Time = 20 Years

Interest rate = 12 % per annum Compounded Monthly

To Find :

Compound Amount

Solution :

A = Compound amount ( Future value of investment)

P = The principal amount (The initial deposit or loan amount)

r = Interest rate per annum

n = Time

$\rule{300}{1.5}$

★ According to the Question :

A = P $\sf{(1+\dfrac{r}{100})^{(n \times 12)}}$

⇒ A = 8,50,000$\sf{(1 + \dfrac{\left(\frac{12}{12}\right)}{100})^{(20 \times 12)}}$

⇒ A = $\sf{8,50,000(1 + 0.01) ^{(240)}}$

⇒ A = $\sf{8,50,000 \times 10.892553}$

⇒ A = $\sf{92,58,670.61}$

$\rule{300}{1.5}$

• Principal Amount = Rs 8,50,000

• Total Interest = Rs 8,408,670.61

• Compound amount = Rs 92,58,670.61

Therefore,

Compound amount will be Rs 92,58,670.61

Answer 2

Answer:

Answer:

Compound amount will be Rs 92,58,670.61

Step-by-step explanation:

Given :

Principal = Rs 8,50,000

Time = 20 Years

Interest rate = 12 % per annum Compounded Monthly

To Find :

Compound Amount

Solution :

A = Compound amount ( Future value of investment)

P = The principal amount (The initial deposit or loan amount)

r = Interest rate per annum

n = Time

$\rule{300}{1.5}$

★ According to the Question :

A = P $\sf{(1+\dfrac{r}{100})^{(n \times 12)}}$

⇒ A = 8,50,000$\sf{(1 + \dfrac{\left(\frac{12}{12}\right)}{100})^{(20 \times 12)}}$

⇒ A = $\sf{8,50,000(1 + 0.01) ^{(240)}}$

⇒ A = $\sf{8,50,000 \times 10.892553}$

⇒ A = $\sf{92,58,670.61}$

$\rule{300}{1.5}$

• Principal Amount = Rs 8,50,000

• Total Interest = Rs 8,408,670.61

• Compound amount = Rs 92,58,670.61

Therefore,

Compound amount will be Rs 92,58,670.61