Question

A man decides to deposit Rs 3000 at the end of each year in a bank which pays 3% p.a compound interest . If the instalments are allowed to accumulate , what will be the total accumulation at the end of 15 years.

• A. Rs.$57450$
• B. Rs.$67780$
• C. Rs.$67050$
• D. Rs.$98450$

Answer 1

The correct option is A Rs.$57450$

$P=Rs.3000,r=3\%,t=15$

$A={\sum }_{n=1}^{15}P{(1+\frac{r}{100})}^n={\sum }_{n=1}^{15}3000{(1+\frac{3}{100})}^n=3000\times 19.15=Rs.57450$