Question

The amount of money in account every year, When Rs.10000 is deposited at compound interest at 8% p.a. Please show solution step by step Coz i know the ans but don't know the steps

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Answer 1

Answer:

Given Amount =Rs 10,000

interest =8%

Total amount =P(1+r)

n

P is principle amount

r is the rate of interest

n is no of year

Compound interest increases depend on principle

Next year interest is interest on before year total

=10000(1+0.08)

n

At the end of the first year, =1000(1.08)=10800/−

Every year the amount increases at 1.08 times

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Answer 2

Step-by-step explanation:

There are multiple ways easy way would be the formula like i.e. Amount= P(1+r)^t

p is principal, R is rate and t is time period.

Here P is 1000, R is 8/100=0.08

so for 1st year it would be 1000(1.08)¹

For 2nd it would be 1000(1.08)²

For 3rd year it would be 1000(1.08)³

similarly for other years