Question

the value of a house appreciate 5% per year how much is the house worth after 6 years if its current worth is Rs 15 lakh [Given (1.05)^5=1.28,(1.05)^6= 1.34]​

Answer 1

Answer:

The answer is  2,010,000 Rs.

Step-by-step explanation:

Principal amount "P" = 1,500,000

Interest rate = 5%

Number of years "n" = 6

Compound interest formula:

A = P (1 + R/100)^n

Now put the values.

A = 1,500,000(1 + 5%/100)^6

A = 1,500,000(1 + 0.05)^6

A = 1,500,000 (1.05)^6

A = 1.500,000 X 1.34

A = 2,010,000  Rs

Thus the value of house after 6 years will be  2,010,000 Rs.

Answer 2

Answer:

20,10,000

Step-by-step explanation:

In this question

We have been given that,

Value of house appreciates 5% per year

Its current worth is Rs.15Lakhs

We need to find the Its worth after 6 years

Here Principle = Rs. 15,00,000

        Rate = 5%

        Time = 6 years

We know that formula for Compound Interest is given by

Amount = $\mathbf{Principle(1\ +\ \frac{Rate}{100})^{time}}$

Putting the values we get,

Amount = $1500000(1\ +\ \frac{5}{100})^{6}$

Amount = $1500000(1\ +\ 0.05)^{6}$

Amount = $1500000(1.05)^{6}$

Amount = 1500000 × 1.34

Amount = 20,10,000

Therefore, house will worth 20,10,000 after 6 years @ 5%.