A man saves ₹3,000 every year and invests it at the end of the year at a compound interest of 10%. Calculate his total amount of savings at the end of the third year.

₹9,330

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₹8,930

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₹9,930

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₹7,930

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Solution

The correct option is C ₹9,930
Savings at the end of every year = ₹3,000
So, for $2^{n d}$ year
P = ₹3,000; R = 10%, and T = 1 year
I = (3000 *10 1)/100
= ₹300
And,
A = ₹(3000 + 300)
= ₹3,300
Now,
For 3rd year, savings = ₹3,000
So, P = ₹(3,000 + 3,300) = ₹6,300
R = 10% and T = 1 year
I = (6300 x 10 x 1)/100
= ₹630
And,
A = ₹(6,300 + 630) = ₹6,930
Total amount of savings at the end of the third year
= ₹(6,930 + 3,000)
= ₹9,930
Hence, the total amount of his savings at the end of the third year is₹9,930.

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