Question

Mike deposited a sum of rs 64000 in post office for 4 years compounded annually at 4% per annum. what amount will he get on maturity.
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Answer 1

Amount = P(1 + R/100)^t

Amount = Rs.{ 64000(1 + 4/100)^4 }

Amount = Rs. { 64000(26/25)^4 }

Amount = Rs. { 64000 × (456976/390625) }

Amount = Rs. 74,870.94784

Hence, Amount Mike will get on maturity is Rs. 74,870.94784.

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