When anshu is born rs 5000 is placed by his mother in an account that pays interest at the rate of 10% p.a compound interest. What amount will be there to be his credit on anshu's 18 th birthday
Answers
Answer:
14000
GIVEN principal = 5000
rate- 10 percent
time- 18 years
FIND- total amount of interest
Step-by-step explanation:
principal - 5000
rate-. 10 percent
time- 18 years
total amount of interest= P×R×T/ 100
= 5000×18× 10/100
= 900000/100
=9000
total amount= 5000+9000= 14000
FINAL ANSWER- 14000
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Answer:
Amount that will be credited on anshu's 18th birthday= Rs 28000
Step-by-step explanation:
From the above question:
Given:
Rs 5000 is placed by his mother in an account- which is the Principle
Rate of interest= 10% compound interest
Time= 18years
To find:
Amount at the end of 18years?
Solution:
As we know the formula:
A= P(1+r/100)^n
where A= Total amount=?
P= Principle=5000
r= Rate of interest= 10
^n(to the power)= Time = 18
Putting the values in the formula;
A= 5000(1+10/100)^18
A= 5000(1+1/10)^18
A= 5000(11/10)^18
A = 5000(1.1)^18
After calculating
A = 5000×5.6
= 28000
Amount that will be credited on anshu's 18th birthday is Rs 28000
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