Harish deposited ₹ 4500 in an account that earns 3.5% interest compounded annually.what is his account balance after 2 years?
Answers
Given
Principle = Rs. 4500
Rate = 3.5%
Time = 2 years
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\sf{\bold{\green{\underline{\underline{To\:Find}}}}}ToFind
Amount = ???
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\sf{\bold{\green{\underline{\underline{Solution}}}}}Solution
\sf{\red{\boxed{\bold{Amount= p( 1 + \dfrac{r}{100})^t}}}}Amount=p(1+100r)t
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: \sf\implies\:{\bold{ Amount = 4500( 1 + \dfrac{3.5}{100})^2 }}⟹Amount=4500(1+1003.5)2
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: \sf\implies\:{\bold{ Amount = 4500( 1 + \dfrac{35}{1000})^2 }}⟹Amount=4500(1+100035)2
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: \sf\implies\:{\bold{ Amount = 4500( \dfrac{1000+ 35}{1000})^2 }}⟹Amount=4500(10001000+35)2
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: \sf\implies\:{\bold{ Amount = 4500(\dfrac{1035}{1000})^2}}⟹Amount=4500(10001035)2
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: \sf\implies\:{\bold{ Amount = 4500\times\dfrac{1035\times 1035}{1000\times 1000} }}⟹Amount=4500×1000×10001035×1035
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: \sf\implies\:{\bold{ Amount = 45\times\dfrac{1035\times 1035}{10000} }}⟹Amount=45×100001035×1035
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: \sf\implies\:{\bold{ Amount = 45\times \dfrac{1071225}{10000} }}⟹Amount=45×100001071225
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: \sf\implies\:{\bold{ Amount = \dfrac{48205125}{10000} }}⟹Amount=1000048205125
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: \sf\implies\:{\bold{ Amount = Rs. 4820.5125}}⟹Amount=Rs.4820.5125
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: \sf\implies\:{\bold{ Amount = Rs. 4820.51 }}⟹Amount=Rs.4820.51
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\sf{\bold{\green{\underline{\underline{Answer}}}}}Answer
Harish's account's balance after 2 years will be Rs. 4820.51