Question

Interest can be earned on savings account at the rate of 7 per cent per year compounded annually. A

person wishes to make deposits of 2000 at the end of each year. How long will it take for the deposits and

accumulated interest to grow to a sum which will exceed Rs 20000?​

Answer 1

Answer:

If interest is compounded daily, divide the simple interest rate by 365 and multiply the result by the balance in the account to find the interest earned in one day.

Step-by-step explanation: