Question

what will rupees 500 amounts to in 10 years after its deposit in a bank which pays annual interest rate of 10% compounded annually?​

Answer 1

Principle (P): Rs. 500

Interest Rate (r): 10%

Time Period (t): 10 Years

Compounding (n): Annually (=1)  

Compound Interest Amount (A) = P * (1+r/n)^(n*t)

So the Amount at the end of 10 years will be Rs. 1,296.87

Hope this helps!