Question

Manish deposit rupees 1000 at 5%p.a. compound interest and the for 3 year with State bank of India. What will he get bank at the expiry of the period?

Answer 1

P=1000
T=3 year
R=5%

Amount=P(1+r/100)^t
A=1000(1+5/100)^3
A=1000(21/20)^3
A=1000×9261/8000
A=1157.63

He will get Rs.1157.63 after its expiry.