Question

Rakesh deposited 50,000 in a bank for three years, at 5.5% per annum compounded annually. What
amount will he get after three years?​

Answer 1

Answer:

58712

Step-by-step explanation:

total amount he will get after 3 years

= 50000(1 + 5.5/100)^3

= 50000 × 105.5/100 × 105.5/100 × 105.5/100= 58712 (approx)

2nd trick,

equivalent rate for first 2 yrs

= 5.5 + 5.5 + (5.5 × 5.5)/100 = 11.3 %

for 3 yrs = 11.3+ 5.5 + (11.3×5.5)/100

= 17.4%

amount = 50,000 + 17.4% of 50000

= 50,000 + 8712 = Rs 58712

Answer 2

Answer:

The answer is 58712

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