Question

What will rs 500 amounts to in 10 years arter its deposit in a bank which pays annual interest rate of 10% compounded annually

Answer 1

Let A is the amount ,  

P is the principal,  

r is the rate of interest ,  

and t is the time period in year.

now,

A= p (1+r/100) t

500 =  (1+ 10/100) 10

500 = (1+0.1) 10

500 (1.1) 10