SOLVE IT
at the start of year there were 24,000 in saving account. after adding 56,000 to this the entire amount was invested in bank at 7.5% compound interest .what WILL be the total amount after 3 years
Answers
Answer:
99383.75
Step-by-step explanation:
Given that at the start there were 24,000 and later 56,000 is added.
Total Principal = 24000 + 56000
= 80000.
Rate = 7.5%.
Time = n = 3 years.
Now,
A = P(1 + r/100)ⁿ
= 80000(1 + 7.5/100)³
= 80000(1 + 75/1000)^3
= 80000(1075/1000)^3
= 8000 * (1.24229687)
= 99383.75
Therefore, the Amount will be 99383.75.
Hope it helps!
At the start of year there were Rs 24,000 in a savings account.
Amount added 56,000
Therefore, 56,000+24,000=80,000.
Compound Interest = Amount - Principal.
Principal amount = 80,000 Rate =7.5 % Years=3 years
Amount = P (1+ R/100 ) 3
80,000 (1+ 7.5/100) 3
80,000 (1+ 75/1000)3
80,000 (1+3/40) 3
80,00 (40+3/40)3
80,000 (43/40) 3
∴ 80,000 × 43/40 × 43/40 × 43/ 40
80 × 43/4 × 43/4 ×43/4 [Three zeroes are eliminated]
20 × 43 ×43/4 ×43/4 [80 is divided by first 4]
5 ×43 ×43 ×43/4 [20 is divided by second 4]
=397535/4 [ 43 ×43 ×43 ×5= 397535 and is divided by last 4]
=99383.75.