Question

Walter invested Rs 5,000 in a bank deposit account which pays interest of 9% per annum, added to the account at the end of each year. He made one withdrawal of Rs 1,500 at the end of 3 years. What was the balance in the account at the end of 5 years?

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Answer 1

Step-by-step explanation:

here is your answer according to compound interest

(CI=compound interest)

(r=rate)

(n=time)

= CI=p(1+r/100)n

=5000(1+9/100)^3

=5000×109/100×109/100×109/100=6475.145

withdrawal amount=1500

left amount =6475.145-1500

=4975.145

amount did he get after five year.

=CI=p(1+r/100)^n

4975×109/100×109/100×109/100×109/100×109/100=7654.877

thus his account balance after 5 year is 7654.877 rupee

Answer 2

Step-by-step explanation:

so in this question

present value = 5000

rate = 9%

and time means n= 3

because we withdraw some amount

compound interest formula

S=P(1+r)^t

5000(1+0.09)^3

=6475.145

so in this amount minus the withdrawal amount 1500

6475.145-1500

=4975.145

so this amount solve to next 2 years

4975.145(1+0.09)^2

=5911 is the right answer

hopes its helpful!