Question

Ashwin deposited rupees 75000 in a bank where the interest is credited half yearly. find the amount he will receive after 3 years at 16% per annum?​

Answer 1

After three years, the amount in said account will be Rs $ 119,015.57.

Explanation:

Given that Ashwin deposited rupees 75000 in a bank where the interest is credited half yearly to find the amount he will receive after 3 years at 16% per annum, the following calculation has to be made:

X = 75000 x (1 + 0.16 / 2)^3x2

X = 75000 x 1.08^6

X = 119,015.57

Thus, after three years, the amount in said account will be Rs $ 119,015.57.