Math, asked by anshdixit2006, 11 months ago

Mr. Raja has invested rs 7000 in a bank that offers him 7% compound (yearly) rate of interest. What would be his expected return after 3 years

Answers

Answered by mzumvu
5

the answer is about ₹ 8,575

Answered by Anonymous
4

Given - Principal, rate of interest and time.

Find - Amount

Solution - Expected amount after 3 years is Rupees 8400

The formula to be used for calculating compound interest is = Amount = Principal (1 + rate of interest/100)^time period.

Principal = Rupees 7000

Rate of interest = 7%

Time period = 3 years

Amount = 7000 (1+(7/100))^(3)

Amount = 7000 (107/100)³

Amount = 7000 (1.07)³

Amount = 7000*1.2

Amount = Rupees 8400

Thus, the expected amount after 3 years is Rupees 8400

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