ismaeel group of companies places Rs. 220,000 in a saving account paying 7% interest compounded annually.Now they want to judge how much money will be earn at end of 5 years?
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Answer:
Rs. 308561.38 will be the final amount at the end of 5 years.
Step-by-step explanation:
By formula,
amount=p{[1+(r/100)]^n}
p= principle r=rate n=time period
as interest is compounded annually, n=5
r=7 and p=220000
a=220000[1+0.07]^5
a=220000(1.40255)
a=308561.3808
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