Question

Manoj deposited a sum of ₹ 64000 in a post office for 3years, compounded annually at 15% per annum. What amount will he get on maturity

Answer 1

Given Values are P = 64000, T = 3 years, R = 15%.

We know that A = P(1 + r/100)^n

                            = 64000(1 + 15/100)^3

                            = 64000(1 + 3/20)^3

                            = 64000(20 + 3/(20))^3

                            = 64000(23/20)^3

                            = 64000 * 23/20 * 23/20 * 23/20

                            = 97336.


Hope this helps!

Answer 2

1st year
p=rupees 64000,r=15%
I=64000*15*1by 100=9600 rupees
a=64000+9600=73600 rupees
2nd year
p=73600,r=15%
I=73600*15*1 by 100=11040rupees
a=73600+11040=84640 rupees
3rd year
p=84640 rupees r=15%
I=84640*15*1 by 100=12696 rupees
a=84640+12696=97336 rupees
therefore, he will get rupees 97336 on maturity