Question

the approximate amount obtained after the maturity period when a sum of $15000 is deposited in a fixed deposit scheme for 2 years at the rate of 7%per annum compounded anually

Answer 1

Answer:

Explanation:

Principle = p = 15,000

Rate of interest = 7%

Time = 2 yrs

$Amt = P(1+i)^n$

$Amt = 15,000(1+0.07)^2$

$Amt = 15,000(1.07)^2$

$Amt = 15,000(1.1449)$

$Amt = 17,173.50$

Hence the amount obtained after the maturity period when a sum of $15000 is deposited in a fixed deposit scheme for 2 years at the rate of 7%per annum compounded annually is 17,173.50

Answer 2

The approximate amount obtained after the maturity period is $17173.5

Given,

Principle amount, P = $15000

Interest Rate, R = 7 %

Time Period, T = 2 years

To Find,

Amount obtained after the maturity period

Solution,

The formula for finding the amount obtained after maturity period,

$Amount = P(1+\frac{R}{100})^T\\\\Amount = 15000(1+\frac{7}{100})^2\\\\Amount = 15000(1+0.07)^2\\\\Amount = 15000(1.07)^2\\\\Amount = 15000 \times 1.1449\\\\Amount = 17173.5$

Therefore, the approximate amount obtained after the maturity period is $17173.5

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