Question

Page
Har nin der daso. deposited of 40,000 in a post
office for a period
of three years. The
post office credits the interest yearly in this
account at 7%
compounded.
annually find the balance in his account after
pex
annum
three years,​

Answer 1

Given that,

Principle amount =Rs.40,000, Rate of compound interest =7%, Time t=3 years

Total amount after three years =p+p(1+

100

r

)

t

=40,000+40,000(1+

100

7

)

3

=40,000+40,000(1+0.7)

3

=40,000+40,000×1.225

=Rs.89001.72

Hence, this is the required solution.