Question

If a person saves 2 lakhs for two years in a fixed deposit account at 4% interest rate per annum what amount will he get on maturity if Interest is compounded annually?​

Answer 1

Hi Aanya! Here is your Answer :

__________________________

Given :

• Fixed deposit Principle = ₹2,00,000
• Rate of interest = 4% pa
• Type of interest = Compound (Anually)
• Time = 2years

To Find :

We have to find the amount the person will get after 2 years depositing .

Formula To Be Applied :

We Have to apply the formula of Compound Interest Amount

$\tt{amount = P(1+\frac{R}{100} {)}^{T}}$

Solution :

Given, Principle = 2,00,000

Rate = 4% Pa

Time = 2 years

Hence, Compound Amount :

$\tt{ \implies amount = 200000(1 + \frac{4}{100 }{)}^{2} }$

$\tt{ \implies a = 200000(1 + \frac{1}{25} {)}^{2} }$

$\implies \tt{a = 200000( \frac{26}{25} {)}^{2}}$

$\tt{ \implies a = 200000 \times \frac{676}{625} }$

$\implies \tt{a = 320 \times 676}$

$\red{ \underline{ \boxed{\tt{ \implies amount =rs \: 216320}}}}$

Hence, The amount will be given at the end of two years = ₹216320

Answer 2

Question:

If a person saves 2 lakhs for two years in a fixed deposit account at 4% interest rate per annum what amount will he get on maturity if Interest is compounded annually?​

To find:

$\to$What amount will he get on maturity if Interest is compounded annually?​

Given:

• Principle=2,00,000rs
• Rate of interest=4% per annum
• Time=2years

Solution:

$\to$2,00,000$( 1 + \frac{4}{100} )^{2}$  rs

$\to$=2,00,000$(1 + \frac{2}{50} )^{2}$  rs

$\to$=2,00,000$(\frac{26}{25})^{2}$ rs

$\to$=$\frac{200000 * 26 * 26}{25 * 25}$ rs

$\to$=2,16,320rs

Used formula:

$\to$$Amount=Principle(1 + \frac{Rate of interest}{100})^{2}$

Answer:

The amount will he get on maturity if Interest is compounded annually=2,16,320rs