Question

Rajan deposits ₹4200 in his saving account. What amount will be get after 3 years, if bank is paying interest at the rate of 6.25% per annum?

Answer 1

answer is the ₹787.5

Answer 2

Given :

Rajan deposits ₹4200 in his saving account.

To find :

What amount will be get after 3 years, if bank is paying interest at the rate of 6.25% per annum?

Solution:

Principal = Rs.4200

Time =  3years

Rate of interest = 6.25%

Formula : $A=P(1+r)^t$

$A=4200(1+0.0625)^3$

A=5037.74

Hence he will get Rs.5037.74 as amount after 3 years