Question

Find the amount that Rashed will received if the deposits Rs.16000 for 3 years at 10% pa, compounded annually,. Also find the CI.

Answer 1

P=Rs. 16000, T= 3 years , R=10% , n=1 (compounded annually)

$A=P(1+\frac{R}{n}{)}^{nT}$

$\therefore A=16000[1+\frac{10}{1}{]}^{1\times 3}$

$=16000\times 11\times 11\times 11$

$A=Rs.21296000$

$CI=A-P$

$=Rs.(21296000-16000)$

$=Rs.21280000$