Neha invested 310,000 at the rate 10 p.c.p.a in scheme for 3 year find the amount the gets after 3 year if the interest is compounded annually.
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Given:-
Given:-Principal (P) = Rs. 3,10,000
Rate of interest (R) = 10 %
Time period (T) = 3 years.
We know that;
Amount (A) = P(1+R/100)^t
Hence,
⟹ A = 310000(1+ 10/10 )³
⟹ A = 310000( 100+10/100)³
⟹ A = 310000×( 110/100)³
⟹ A = 310000× 11/10×11/10×11/10
⟹ A = Rs.4,12,610
∴ Neha receives Rs. 4,12,610 at the end of 3 years.
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