Question

Mr.X deposits 10,000 in a bank for 3 years. Bank offers interest at the rate of
10% p.a. compounded quarterly, 12% p.a. compounded semi-annually and 13%
p.a. compounded annually for 3 years respectively. Find the balance after 3 years
and total interest earned.
(3)​

Answer 1

Answer:

$1st \: yr...$

$10000 \times (1 + \frac{10}{400} ) {}^{4} = 10000 \times \frac{41}{40} \times \frac{41}{40} \times \frac{41}{40} \times \frac{41}{40} = 11038$

2nd yr..

Step-by-step explanation:

$11038 \times (1 + \frac{12}{200} ) {}^{2} = 12402$

3rd yr.

$12402 \times (1 + \frac{13}{100} ) = 14014$