Question

Sunil deposited Rs. 8000 at the end of each year for 2 years, in a bank. Find the amourt that he recered at 10% pa. rate of compound interest

Answer 1

Answer:

5

,144.25

Explanation:

We know that amount A at the end of n years at the rate of R% per annum is given by A=P(1+R/100)n

Given P=8000

R=18%

n=3years

Now, A=P(1+R/100)n

⇒ A=8000(1+18/100)3

⇒ A=8000(

100

100+18

)3

⇒ A=8000(

100

118

)3

⇒ A=8000.

100

254

⇒ A=Rs.13,14425

And CI=A−P=13,14425−8000

CI=5,14425

∴ so, the answer is “5,144.25”