Question

Manoj deposited a sum of Rs 64000 in a post office for 3 years compounded annually at 15/2% per annum what amount will he get on maturity?

Answer 1

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Answer 2

Answer:

Rs.79507

Step-by-step explanation:

Principal = Rs.64000

Time = 3 years

Rate of interest = 15/2 %

No. of compounds per year , n = 1

$Amount =P(1+\frac{r}{n})^{nt}$

$Amount =64000(1+\frac{15}{200})^{3}$

$Amount =79507$

Hence he will get Rs.79507 on maturity