Manoj Sir deposited a sum of 764000 for 3 years. compounded annualy at 7½% per annum. What amount will he get on maturity.
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Manoj Sir deposited a sum of 764000 for 3 years. compounded annualy at 7½% per annum. What amount will he get on maturity.
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Answer:
Manoj sir will get Rs. 949,114.81
Step-by-step explanation:
Given,
Present value = Rs.764000
Interest rate = 7(1/2) % per annum
Time = 3 years
To find,
Maturity amount
Formula used,
(A) = P (1 + R/100)^n
Solution :
A = 764000 [ 1 + ( 15/2) (1/100)] ^ 3
A = 949114.81
Manoj sir will get an amount of Rs. 949114.81
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