gopi invested rs 8000 at an interest rate of 9% per Annum. find the total amount he will get after 3 years, if the interest is compounded annually
Answers 1
Answer:
For the principal amount of ₹8000 at an interest rate of 9% compounded annually for 3 years, the total amount is ₹10469.
Step-by-step explanation:
Given that the investment is ₹8000. This is the principal amount. Rate of interest is 9% and time period is 3 years.
The formula of the final amount of compound interest is:
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
Here,
P = ₹8000
r = 9%
n = 12
t = 3
[tex]A=8000[1+(\frac{0.09}{12} )]^{12*3} \\A=8000(1.0075)^{36} \\A=8000*1.31\\A=10469[/tex]
The final amount is ₹10469.
For more explanation on compound interest, check the following link:
https://brainly.in/question/213398?referrer=searchResults
-
Author:
rebeccagibson
-
Rate an answer:
6
If you know the answer add it here!
Choose a language and a region
How much to ban the user?
1 hour
1 day
100 years