Sunita invested ₹ 50000 in mutual funds Singh and interest 12% per annum find the amount he will get after three years if the interest is compounded annually. Also find the interest of the 3rd year.
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(A=₹70246.40, Interest at the end of 3rd year =₹ 7526.40)yehi answer aae tabhi answer dena please
Answers
Question:
Sunita invested ₹ 50000 in mutual funds Singh and interest 12% per annum find the amount he will get after three years if the interest is compounded annually. Also find the interest of the 3rd year.
Answer:
- Amount will get at the end of third year = 62,720 + 7,526.40 = 70,246.40
- Interest for the Third year = 7,526.40
Given:
Principle = p = 50,000
Rate of interest = 12%
Time = n = 3 yrs
Let's do it
Principle for the first year = 50,000
Interest for first year = P [ ( 1 + I )ⁿ - 1 ]
= 50,000 [ ( 1 + 0.12 ) ¹ - 1 ]
= 50,000 ( 0.12 )
= 6,000
Interest for first year = 6,000
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Principle for second year = Principle for first year + Interest for first year
Principle for second year = 50,000 + 6,000
Principle for second year = 56,000
Interest for Second year = P [ ( 1 + I )ⁿ - 1 ]
= 56,000 [ ( 1 + 0.12 ) ¹ - 1 ]
= 56,000 ( 1.12 )¹ - 1 ]
= 56,000 (0.12 )
= 6,720
Interest for second year = 6,720
---------------
Principle for Third year = Principle for Second year + Interest for second year
Principle for Third year = 56,000 + 6,720
Principle for Third year = 62,720
Interest for Third year = P [ ( 1 + I )ⁿ - 1 ]
= 62,720 [ ( 1 + 0.12 ) ¹ - 1 ]
= 62,720 ( 1.12 )¹ - 1 ]
= 62,720 (0.12 )
= 7,526
Interest for the Third year = 7,526.40
Amount will get at the end of third year = 62,720 + 7,526.40 = 70,246.40