Rahul deposited ₹. 5000 in a bank for 2 years at 7% per annum compounded interest. Then the future value at the end of the year is
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Principal=5000₹, Time=2years, Rate of Interest=7%
Interest=P×R×T/100
=5000×7×2/100
Cut the two zero from 100 and 5000 thousand...
Now,
=50×7×
Interest = 700₹
Amount=Principal-Interest
=5000-700
= 4300₹
Hence,The future value at the end of the year is 4300₹.
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Hope its help you....
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