The amount of money in the account every year, when $10000 is deposited at compound interest 8% per annum.
Answers
Answer:
Step-by-step explanation:
- Given:
the amount of money in the account every year when $ 10000
- To Find:
deposited at compound interest at 8% per annum
- Solution:
Amount deposited initially = P = rs. 10,000
Rate of interest = R = 8% p.a [at C.I.]
∴ A = P [ 1 + R/100 ] ⁿ
10,000 [1+8 / 100]
= 10,000 × 108/100
= 10800
10,000 [1+8 / 100]²
= 10,000 × 108/100 × 108/100
= 11664
10,000[1+8/100]³
= 10,000 × 108×108×108
100×100×100
= 12597.12
the terms 10800, 11664, 12597.12....
a₂-a₁ = 800
a₃-a₂ = 864
a₄-a₃ = 933.12
Here, a=10,000
But, a₂-a₁ ≠ a₃-a₂ ≠ a₄-a₃
∴ the given situation doesn't represent an A.P
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