Question

What is the total amount of money you can accumulate in an account earning 6 percent interest compounded annually if you deposit 20000 and leave it in the account for 15 years.​

Answer 1

$\large{\underline{\red{\rm{AnswEr:47,931.1638}}}}$

$\huge\bold\purple{\underline{Solution:}}$

$\bold\green{\underline{Given}}$

Principal=20000

Time(n)=15 years

Rate=6%

$\bold\orange{\underline{Find: Total\: amount:}}$

Using formula to calculate amount

$\bold\purple{\boxed{A=P(1+\frac{r}{100})^n}}$

⟹A=20000(1+6/100)^15

⟹A=20000(106/100)^15

⟹A=20000(1.06)^15

⟹A=20000×2.39655819

⟹A=47,931.1638

Hence,

The amount will be Rs.47,931.1638 after 15 years