Nidhi deposited₹ 7,500 in a bank which pays her 4% interest per annum compounded annually.find the amount and the interest received by her after three year solutions
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Answer:
Deposited amount (P)=Rs.7500
Rate of interest (R)=4%
Time period (t)=3 years
Therefore,
A=P(1+
100
R
)
t
A=7500(1+
100
4
)
3
⇒A=7500×(
25
26
)
3
⇒A=Rs.8436.48
Compound interest =A−P=8436.48−7500=Rs.936.48
Hope it helps you
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