Question

Find the amount $5000.00 becomes if saved for 3 years at 6% per annum compound interest .

Answer 1

Answer:

C.I.=P(R+1/100)^t.....

P=500rupees, T=3years, R=6%......

A.T.Q

C.I.=500(6%+1/100)^3years.....

C.I.= 500(600+1)^3years.......

C.I.=500 x (601/100)^3years......

C.I.=500 x 601/100 x 601/100....

C.I.=3,66,610/20......

C.I.=18,330.5