Question

You deposited the amount of INR $45,000$ for the period of $7$ years and the interest rate is $12$% annually which will be compounded quantity. What will be future value of this amount(approx.)?

Answer 1

$P=45000$, $T=7$, $R=12\%$

we know that,

Amount $=P{(1+\frac{R}{100})}^T$

$=45000{(1+\frac{R}{100})}^7$

Future value $=99481$