Question

Jack deposits ₹ 10 , 000 in a bank that charges an annual maintenance fee of 20 % on the principal and gives zero interest. What will be the amount Jack will have after 4 years?

Answer 1

Answer:

$let \: x \: be \: the \: amount \: jack \: will \: have \\ x = 10000 \times ( {1 - \frac{20}{100} )}^{4} \\ x = 10000 \times ( {1 - \frac{1}{5}) }^{4} \\ x = 10000 \times { \frac{4}{5} }^{4} \\ x = 10000 \times \frac{256}{625} \\ x = 4096$