Highlander deposited rupees 40000 in a post office of 3 year the post office created Intel interest yearly in his account at 7% per annum compounded annually find his balance is account after 3
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Principal = 40000
Time = 3 years
Rate of interest = 7%
To find out the amount he received after 3 years , we have to find it by formulae of compound interest
A = P ( 1+ r/100)ⁿ
A = 40000 ( 1+ 7 /100)³
A = 40000 ( 107 /100)³
A = 40000 ( 1.225)
A = 40000 ₓ 1.225
A = 49001
So after 3 years he receive 49001 . which include Principal and Interest.
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