Question

salim deposits 52000 in a bank for 4 years at the rate of 7% per annum. Find the amount he will get after 4 years if he interest is compounded annually
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Answer 1

Answer:

3640 interest

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Answer 2

Step-by-step explanation:

Compound Interest formula is as follows:

A = P (1 + R/100)ⁿ where A stands for Amount, P stands for Principal, R for rate of interst and n for time/years.

In the above question the principal amount is Rs 52000, rate of interest is 7% and time is 4 years.

∴  A = P (1 + R/100)ⁿ

A = 52000(1+7/100)4

A = (52000 × 107/100 × 107/100 × 107/100× 107/100)

A = (52000× 1.07 × 1.07 × 1.07× 1.07)

A = Rs 68161.39.

The total amount after 4 years Salim would get if the interest is calculated on a compounded basis would be Rs 68161.39. The compound interest would be

Total amount - Principal = Compound interest

Rs 68161.39- Rs 52000= Rs 16161.39.

Hope this helps.

For further details please follow the links below.

https://brainly.in/question/6655678

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