Question

Gopi invested ₹8000 at an interest rate of 9percent per anjum. Find the total amount he will get after 3 years, if he interest is compound annually
The Answer is 10,360.23. How?
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Answer 1

Answer:

The compound interest accumulation formula is given by:

A = P(1 + I)ⁿ

Where,

A = The amount accumulated for the given period

P = the original amount deposited at the start

i = the rate of accumulation

n = The period of accumulation.

Substituting the values in the given formula we have:

A = 8000( 1.09)³

We have:

A = 8000 × 1.295029 = 10360.232

Gopi gets Rs 10360.232 at the end of 3 years.

Answer 2

Step-by-step explanation:

gopi invested ₹ 8000 at an interest rate of 9% per annum. find the total amount he will get after 3 years, if the intrest is compounded annually