Question

Rs. 100 invested for 5 years at 6% per annum interest compounded annually
will grow to:
​

Answer 1

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Answer 2

Given:

Rs. 100 invested for 5 years at 6% per annum interest compounded annually

To find:

The amount

Solution:

To solve the given problem we will use the following formula of compound interest:

$\boxed{\bold{A = P[1 + \frac{R}{100} ] ^n}}$

Here we have

A = amount = need to calculate

P = principal = Rs. 100

R = rate of interest = 6% p.a.

n = no. of years = 5 years

Now, substituting the values in the formula, we get

$A = 100 [1 + \frac{6}{100} ]^5$

$\implies A = 100 \times [\frac{100 + 6}{100} ]^5$

$\implies A = 100 \times [\frac{106}{100} ]^5$

$\implies A = 100 \times [1.06]^5$

$\implies A = 100 \times 1.3382$

$\implies \bold{A = 133.82}$

Thus, Rs. 100 invested for 5 years at 6% per annum interest compounded annually  will grow to → Rs. 133.82.

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