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Question
Rs.16,000 is invested at 5% compound interest compounded per annum. Use the table, given below, to find the amount in 4 years.
| Year ↓ |
Initial amount (Rs.) |
Interest (Rs.) |
Final amount (Rs.) |
| 1st | 16,000 | 800 | 16,800 |
| 2nd | ........... | ........... | ........... |
| 3rd | ........... | ........... | ........... |
| 4th | ........... | ........... | ........... |
| 5th | ........... | ........... | ........... |
Solution
| Year ↓ |
Initial amount (Rs.) |
Interest (Rs.) |
Final amount (Rs.) |
| 1st | 16,000 | 800 | 16,800 |
| 2nd | 16,800 | 840 | 17,640 |
| 3rd | 17,640 | 882 | 18,522 |
| 4th | 18,522 | 926.10 | 19,448.10 |
| 5th | 19,448.10 | 972.405 | 20,420.505 |
Thus, the amount in 4 years is Rs. 19448.10.
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