Question
Find the total amount returned by Manish to the bank at
the end of three years, when Rs.24000 is borrowed at the rate of (25/2)% compounded annually?(can calculate the approximate value)Solution
ATQ, we can say that Principal = 24000 Rate = (25/2)% Time = 3 years Amount formula = P [1 + (R/100)]2 Amount = 24000 x [(112.5/100) x (112.5/100) x (112.5/100)] = Rs.34171.875 or approximate ~ Rs.34172
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