Question

shriram deposited 30,000 Rs for 3 years in a fixed deposit amount. If the annual rate of interest in 6% per annum and the interest is compounded every six months them what amount will be get after due date.

please solve this problem please urgent please​

Answer 1

Answer:

The formula for compound interest, including principal sum, is:

A=P(1+  

n

r

​

)  

nt

 

Where:

A= the future value of the investment/loan, including interest

P= the principal investment amount (the initial deposit or loan amount)

r= the annual interest rate (decimal)

n= the number of times that interest is compounded per unit t

t= the time the money is invested or borrowed for

In our given problem,

P= Rs. 20000,  r=6%=0.06, n=2, t=1 year

∴, the amount received after the term of 1 year will be given by,

A=20000(1+  

2

0.06

​

)  

2×1

 

⇒A=20000(1+0.03)  

2

 

⇒A=20000(1.03)  

2

 

⇒A=Rs.21218

∴, the amount Sheetal will get after 1 year is Rs.21,218

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