Question

Please answer the question
$4. Harvinder deposited ? 40,000 in a post office for a period of three years. The post office credits the interest yearly in his account at 7% per annum compounded annually. Find the balance in his account after three years.$
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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.

Answer 2

Answer:

Given that,

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

Total amount after three years =p+p(1+100r)t

=40,000+40,000(1+1007)3

=40,000+40,000(1+0.7)3

=40,000+40,000×1.225

=Rs.89001.72

Hence, this is the required solution

Step-by-step explanation:

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