Question

how much money will amount to Rs 560 in 3 years at rate of 4%per annum

Answer 1

Let us say the initial amount is x and at p% per annum after one year the value y1 will become

y1 = x +x*(p/100) =x(1+p/100)

after 2 years

y2 = (x(1+p/100))+(x(1+p/100))*(p/100)= x(1+p/100)^2

after n years

yn =x(1+p/100)^n

so here y3 =560, n=3, p=4

560 = x(1+0.04) ^3

Solving for x we get x =497.83 Rupees

Answer 2

Hello! friend,

Your answer goes like this..

Let us say the initial amount is X  and at P%per annum after one year the value y1 will become 

y1=x+x*{P/100}=x{1+p/100}

After 2 years,

y2={x{1+p/100}+{x{1+p/100}*{p/100}=x{1=p/100}^2

after n years,

yn=x{1+p/100}^n

So here y3=560,n=3 and p=4.

560=x{1+0.04}^3

By solving the X,We get X =497.83Rupees.

Thank you dear.

Hope it helps you dear.