Question

How much money should be repaid if a sum of RS 500 is borrowed at 6% compound interest for 5 years?​

Answer 1

Answer: ₹ 669.11

Step-by-step explanation:

$Amount = Principal(1+\frac{Rate}{100} )^{time}\\\\Amount = 500(1+\frac{6}{100} )^{5}\\\\Amount = 500(\frac{106}{100})^5\\\\Amount = 500(\frac{53}{50})^5\\\\Amount= \frac{500 \times 418195493}{312500000} \\\\Amount = Rs \ 669.11$