Harvindar deposited ₹ 40,000 in a post office for a period of 3 years. The post office credits the intrest yearly in his account at 7% per annum compounded annually. Find the balance in his account after 3 yeare
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Answer:
=Rs.89001.72
Step-by-step explanation:
Given that,
Principle amount =Rs.40,000, Rate of compound interest =7%, Time t=3 years
Total amount after three years =p+p(1+100r)t
=40,000+40,000(1+1007)3
=40,000+40,000(1+0.7)3
=40,000+40,000×1.225
=Rs.89001.72
Hence, this is the required solution.
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