Question

Mike deposited a sum of $ 64000 in a post office for 3 years, compounded annually at 7% per annum. What amount will he get on maturity?

Answer 1

S O L U T I O N :

$\underline{\bf{Given\::}}$

• Principal, (P) = Rs.64000
• Rate, (R) = 7%
• Time, (n) = 3 years

$\underline{\bf{Explanation\::}}$

As we know that formula of the compounded annually;

$\boxed{ \bf{Amount = Principal \bigg(1 + \frac{R}{100} \bigg)^{n} }}$

A/q

➦ A = P(1 + R/100)^n

➦ A = 64000(1 + 7/100)³

➦ A = 64000(100+7/100)³

➦ A = 64000(107/100)³

➦ A = 64000 × 107/100 × 107/100 × 107/100

➦ A = 78402752/1000

➦ A = Rs.78402.752

Thus,

The amount he get on maturity will Rs.78402.752 .

Answer 2

Answer:

Given :-

• Milk deposited a sum of Rs 64000 in a post office for 3 years, compounded annually at 7 % per annum.

To Find :-

• What is the amount will he get on maturity.

Formula Used :-

$\boxed{\bold{\small{A\: =\: P(1 + \dfrac{r}{100})^{n}}}}$

where,

• A = Amount
• P = Principal
• r = Rate of Interest
• n = Time

Solution :-

Given :

• Principal (P) = Rs 64000
• Rate of Interest (r%) = 7%
• Time (n) = 3 years

According to the question by using the formula we get,

⇒ A = 64000(1 + $\dfrac{7}{100}$ )³

⇒ A = 64000( $\dfrac{107}{100}$ )³

⇒ A = 64000 × $\dfrac{107}{100}$ × $\dfrac{107}{100}$ × $\dfrac{107}{100}$

⇒ A = $\dfrac{78402752}{1000}$

➠ $\small\bf{\underbrace{\green{A\: =\: 78402.752}}}$

$\therefore$ Rs 78402.752 he get on maturity.

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