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Question
A man saves Rs. 3,000 every year and invests it at the end of the year at 10% compound interest. Calculate the total amount of his savings at the end of the third years.
Solution
Savings at the end of every year = Rs. 3000
For 2nd year
P = Rs. 3000
R = 10%
T = 1 year
I = `[ 3000 xx 10 xx 1]/[100]` = 300
A = 3000 + 300 = Rs. 3300
For third year, savings = 3000
P = 3000 + 3300 = Rs. 6300
R = 10%
T = 1 year
I = `[ 6300 xx 10 xx 1]/100` = Rs. 630
A = 6300 + 630 = Rs. 6930
Amount at the end of 3rd year
= 6930 + 3000
= Rs. 9930
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