Question

Mr Assem decides to deposit Rs 5000 at the end of year in a bank which pays compound interest the rate of 5% per annum. What will be his total accumulation (approximately) at the end of 15 years?

• A. Rs.$140092$
• B. Rs.$907892$
• C. Rs.$100892$
• D. Rs.$107892$

Answer 1

The correct option is D Rs.$107892$

$A=P(1+\frac{r}{100}{)}^n$

$⟹A=5000\left[\right(1+\frac{5}{100})$$+(1+\frac{5}{100}{)}^{14}......$$+(1+\frac{5}{100}{)}^1+5000]=5000\times 21.5718Rs.107892$