Question

Ritesh deposits 9000 in a bank every yr in the begining of the yr at 10% pa CI . calculate the amount dye to him at the end of 3 yrs also find gain in 3 yrs

Answer 1

Answer:

Amount = 11979

Gain = 2979

Step-by-step explanation:

1)By formula

If CI Compounded annually

$amount = p( {1 + \frac{r}{100}}) ^{n}$

where, p = principal, R = rate of interest, n = time period

$amount = 9000( {1 + \frac{10}{100}}) ^{3}$

Amount = 11979..

CI = 11979-9000 = 2979

2)

$successive \: percent \: increase(2 \: times) = x + y + \frac{xy}{100}$

$for \: first \: two \: years = 10 + 10 + \frac{100}{100} = 21\%$

$for \: next \: two \: years = 21 + 10 + \frac{210}{100} = 33.1\%$

$\frac{33.1}{100} \times 9000 = 2979$

CI = 2979

Amount = 9000+2979=11979