Question

The amount of money in the account every year ,when 10,000 is deposited at compound interest at8% per anum

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

Explanation:

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