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. answer step by step give the answer.
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Answer:
P=40000
R=7%
T=3 years
Sl 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
Sl for third year
SI=45796*7/100*1=3205.72
Amount=3205.72+45796=49001.72
CI=49001.72-40000-9001.72
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