Can someone help me out
1 answer:
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Answer:
There will be 20 914 rupees in the amount at the end of 3 years.
Step-by-step explanation:
The amount of rupes after t years in compound interest is given by:
In which A(0) is the initial amount and r is the interest rate, as a decimal.
Hiran invests 20 000 rupees in an account for 3 years at 1.5% per year compound interest.
This means that . So
Work out the total amount of money in the account at the end of 3 years.
This is A(3). So
Rounding to the nearest rupee.
There will be 20 914 rupees in the amount at the end of 3 years.
Answer:
Option B.
Step-by-step explanation:
The future value formula, for an annuity, is:
An annuity means that a number of payments happen during the period(an year, for example).
P is the value of the deposit, r is the interest rate, as a decimal, and n is the number of deposits.
In this question:
Deposits of $765.13, so
Each month, for 3 years. An year has twelve months, so
2% Interest a year. An year has 12 months, so
Find the final amount of the account.
The final amount of the account will be $28,363.46, which is option B.