Question

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

Answer 1

P=40000

R=7%

T=3 years

SI for 1 year

SI=40000*7/100*1=₹2800

Amount=₹(2800+40000)=42800

SI for second year

P=42800

SI=42800*7/100*1=2996

Amount=42800+2996=45796

SI for third year

SI=45796*7/100*1=₹3205.72

Amount=3205.72+45796=49001.72

CI=49001.72-40000=9001.72

Answer 2

Answer:

p=40000r=7% t=1years

si=p×r×t/100

40000×7×1/100

2800

AMOUNT =p+si

2800+40000

42800