Moline deposited rupees 64000 in a saving scheme which fetches him interest at the rate of 7/1/2% compounded annually after how many year will this sum amount to rupees 79507
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Answer Present value = Rs. 64000 Interest rate =(15/2)% per annum Time =3 years Amount (A)=P(1+R/100)n[ Where, P= Present value R= Annual interest rate n= Time in years ]
∴A=64000[1+(15/2×1/100)]3 ⇒A=64000[1+3/40]3 ⇒A=64000(43/40)3 ⇒A=64000×4340×4340×4340 ⇒A=1×43×43×43 ⇒A=79507 ∴ Manoj will get an amount of Rs. 79507 after 3 years.
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