Question
Download Solution PDFRajneesh deposited Rs. 3,00,000 in a bank for three years. What will be the final amount if the rate of interest is 8% compounded annually?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = Rs. 3,00,000
Time (t) = 3 years
Interest rate (r) = 8% per annum compounded annually
Formula Used:
Compound Interest (A) = P × (1 + r/100)t
Solution:
⇒ A = Rs. 3,00,000 × (1 + 8/100)3
⇒ A = Rs. 3,00,000 × (1.08)3
⇒ A = Rs. 3,00,000 × 1.259712
⇒ A = Rs. 3,77,913.60
Therefore, the final amount after 3 years will be Rs. 3,77,913.60.
Last updated on Jul 8, 2025
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