prem has deposit some money in a bank 4% per annum. the bank increase the interest rate by 1% p.a, and prem deposits an additional rupeese 3000 in his account.the annual interest he recieves at the year is 220 more that what would have recieved if the bank had not increased the interest rate and he had not deposited additional interest. find origianl deposite.
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P (1+ i/n)nt
P = Principal invested.
i = Nominal Rate of Interest.
n = Compounding Frequency or number of compounding periods in a year.
t = Time, meaning the length of time the interest is applicable, generally in years.
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