harvinder deposited ₹40, 000 in a post office for a period of three years. the post office credits the interest yearly in his account at 7% per annum compounded annually. find the balance in his account after three years.
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Step-by-step explanation:
The deposit of amount in a year= Ruppes 40000
Hence the amount deposited in three years = 40000×3= 120000
The company gives 7% interest per year hence the interest of three years=7%×3=21%
21%of 120000=120000/100 × 21= 25200
Therefore, the company will give ruppes 25200 interest in three years.
Balance of Harvinder's account =120000+25200=145200
Therefore, The balance in Harvinder's account after three years will be 145200.
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