Question

Rahul deposited Rs. 12,000 in a bank for 2 years. If it is compoundedannuallyat 9% p.a., what amount will he receive on maturity? (at the end of two years).

Answer 1

Rs 14257.2

Explanation:

From the formula;

A= P(1 + i)^n

A= amount

P= principal

i= rate

n= time

A= 12000(1 + 0.09)^2

A=12000(1.09)^2

A=Rs 14257.2