Harvinder deposit 40000 in the post office for the period of 3 year the post office credit the interest yearly in his account at 7% per annum compounded annually find the balance in his account after 3 years
Answers
Answered by
52
Answer:-
Principal Amount = ₹40,000
Total Interest = ₹9,002
Total Value = ₹49,002
Step-by-step explanation:-
- HERE ;
- GIVEN , PRINCIPAL = ₹ 40,000
- TIME PERIOD = 3 YEARS
- RATE OF INTEREST = 7% PER ANNUM
- COMPOUNDED ANUALLY.
- TO FIND: THE BALANCE IN HARVINDER's ACCOUNT AFTER 3 YEARS
- REQUIRED INFORMATION:
Compound Interest Formula
The formula to calculate the compound interest is given by:
Compound Interest = Amount – Principal
Where
Amount, A = P(1+(r/n))nt
Here, P = principal
r = rate of interest
t = time in years
n = number of times interest is compounded per year
||MrCuteKing||
Similar questions