Reena made a fixed deposit for certain years. She deposited 12,000 and after maturity of the fixed deposit she got 2 15,972. The interest rate was 10% p.a. compounded annually. Find the time.
Answers
Answer:
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Answer:
We will do this answer through the process of Simple Interest.
Amount for 1st year :
{\mathsf{= \dfrac{Principal \times Rate}{100}}}=
100
Principal×Rate
\Longrightarrow {\mathsf{\dfrac{12,000 \times 10}{100}}}⟹
100
12,000×10
\Longrightarrow {\mathsf{120 \times 10}} = 1,200⟹120×10=1,200
{\mathsf{Interest \ for \ 1st \ year = 1,200}}Interest for 1st year=1,200
Amount = Principal + Interest
Amount = 12,000 + 1,200 = 13,200
Amount for 2nd year :
{\mathsf{= \dfrac{Principal \times Rate}{100}}}=
100
Principal×Rate
\Longrightarrow {\mathsf{\dfrac{13,200 \times 10}{100}}}⟹
100
13,200×10
\Longrightarrow {\mathsf{132 \times 10 = 1,320}}⟹132×10=1,320
{\mathsf{Interest \ for \ 2nd \ year = 1,320}}Interest for 2nd year=1,320
Amount = Principal + Interest
Amount = 13,200 + 1,320 = 14,520
Amount for 3rd year :
{\mathsf{= \dfrac{Principal \times Rate}{100}}}=
100
Principal×Rate
\Longrightarrow {\mathsf{\dfrac{14,520 \times 10}{100}}}⟹
100
14,520×10
\Longrightarrow {\mathsf{1,452}}⟹1,452
{\mathsf{Interest \ for \ 3rd \ year = 1,452}}Interest for 3rd year=1,452
Amount = Principal + Interest
Amount = 14,520 + 1,452 = 15,972
Hence,
After 3rd year, the Amount is 15,972.