Question

If Rs 150,000 are invested today in a savings account, how much money would
there be in the account after 5 years if the compound interest rate is 6%?
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Answer 1

Answer:

Amount = ₹200733.8366

Step-by-step explanation:

Principal = ₹150000

Rate of interest = 6%p.a.

Time = 5years

Amount = p × (1 + r/100)^t

= 150000 × (1 + 6/100)^5

= 150000 × (1 + 3/50)^5

= 150000 × (50+3/50)^5

= 150000 × (53/50)^5

= 150000 × 418195493/312500000

= 15 × 418195493/31250

= 3 × 418195493/6250

= 1254586479/6250

= 200733.8366