Ganesh invested rs.50000in a nationalised bank for 2 years at the rate of 9 p.c.p.a. at compound interest. What amount will ganesh receive from bank at the end of the year
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Given -
Ganesh invested rs.50000in a nationalised bank for 2 years at the rate of 9 p.c.p.a. at compound interest.
To find -
What amount will ganesh receive from bank at the end of the year ?
Solution -
Principal (P) = Rs.50000
Rate of interest (R) = 9%
Time (n) = 2
According to the formula
→ Amount = P(1 + R/100)ⁿ
→ A = 50000(1 + 9/100)ⁿ
→ A = 50000(100 + 9/100)²
→ A = 50000 × (109/100)²
→ A = 50000 × 109/100 × 109/100
→ A = 5 × 109 × 109
→ A = Rs.59405
•°• The amount will ganesh receive from bank at the end of the year is Rs.59405
Focus Zone :
Simple Interest = P × R × T/100
Amount = Principal + Simple Interest
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