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CBSE Class 11-commerce Answered

Harsh invested 5. 50,000/- ina bank for 10 years at therate of 10% per annum atcompound interest. What willbe the amount he will getafter 10 years? What will bethe difference in amount, ifinterest compounded monthly?(Given that (1.1)10 = 2.5937,12= 0.083) 
Asked by abhijips | 04 Nov, 2019, 07:22: PM
answered-by-expert Expert Answer
Principal = Rs. 50,000 
Time = 10 years 
Rate of interest = 10
C. I equals P open parentheses 1 plus r over 100 close parentheses to the power of n equals 50000 open parentheses 1 plus 10 over 100 close parentheses to the power of 10 equals 50000 open parentheses 1.1 close parentheses to the power of 10 equals 50000 cross times 2.5937 equals 129 comma 685 A m o u n t space equals space 50000 plus 129685 equals 179685 N o w comma space i n t e r e s t space c o m p o u n d e d space m o n t h l y C. I equals P open parentheses 1 plus r over 100 close parentheses to the power of 10 over 12 end exponent equals 50000 open parentheses 1 plus fraction numerator 10 over denominator 12 cross times 100 end fraction close parentheses to the power of 0.833 end exponent equals 50000 open parentheses 1.0083 close parentheses to the power of 0.833 end exponent equals 50000 cross times 1.0069 equals 50 comma 346.84 D i f f e r e n c e space i n space a m o u n t space equals space R s. space 79 comma 338.15
Answered by Renu Varma | 05 Nov, 2019, 11:41: AM

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