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Mathematics

A man deposits ₹ 10,000 in a cooperative bank for 3 years at 9% p.a. If interest is compounded annually, then the amount he will get from the bank after 3 years is:

  1. ₹ 12,950.29

  2. ₹ 12,905.29

  3. ₹ 12,059.29

  4. ₹ 12,095.29

Compound Interest

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Answer

Given,

P = ₹ 10,000

n = 3 years

r = 9%

By formula,

A=P(1+r100)nA = P\Big(1 + \dfrac{r}{100}\Big)^n

Substituting values we get :

⇒A=10000×(1+9100)3⇒A=10000×(100+9100)3⇒A=10000×(109100)3⇒A=10000×12950291000000⇒A=₹12,950.29\Rightarrow A = 10000 \times \Big(1 + \dfrac{9}{100}\Big)^3 \\[1em] \Rightarrow A = 10000 \times \Big(\dfrac{100 + 9}{100}\Big)^3 \\[1em] \Rightarrow A = 10000\times \Big(\dfrac{109}{100}\Big)^3 \\[1em] \Rightarrow A = 10000 \times \dfrac{1295029}{1000000} \\[1em] \Rightarrow A = ₹ 12,950.29

Hence, option 1 is correct option.

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