Question

mr nair deposited 1,40,000 in chit fund company for 3 years if the rate of interest is 14%p.a. compounded annually how much interest will mr nair receive at the end of 3 years

Answer 1

A =P(I +r/100)n

= 140000 (I +14/100)^3

= 140000 (114 / 100)^3

=2074l6

CI =207416-140000=Rs67416. Ans