Hi Pls answer the above sum.
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The formula for compound interest, including principal sum, is:
A=P(1+nr)nt
Where:
A= the future value of the investment/loan, including interest
P= the principal investment amount (the initial deposit or loan amount)
r= the annual interest rate (decimal)
n= the number of times that interest is compounded per unit t
t= the time the money is invested or borrowed for
In our given problem,
P= Rs. 20000, r=6%=0.06, n=2, t=1 year
∴, the amount received after the term of 1 year will be given by,
A=20000(1+20.06)2×1
⇒A=20000(1+0.03)2
⇒A=20000(1.03)2
⇒A=Rs.21218
∴, the amount Sheetal will get after 1 year is Rs.21,218
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