If ₹1000 is deposited in a bank which pays annual interest at the rate of 5% compounded annually,find the maturity amount at the end of 12 years.(Pls ans with steps)
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Here, P = :₹1000, R = 5% p.a. and n = 12 years
∴ Amount after 12 years = P ( 1 + R/100 ) 4n
= 1000 x ( 1 + 0.5/4 ) 4n
= 1000 x ( 1 + 0.125 ) 4 x 12
= 1000 x ( 1.125) 48
= 1000 x 54
= ₹ 54000
∴ Amount after 12 years = P ( 1 + R/100 ) 4n
= 1000 x ( 1 + 0.5/4 ) 4n
= 1000 x ( 1 + 0.125 ) 4 x 12
= 1000 x ( 1.125) 48
= 1000 x 54
= ₹ 54000
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