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Question
What will Rs 500 amounts to in 10 years after its deposit in a bank which pays annual interest rate of 10% compounded annually?
Solution
The amount deposited in the bank is Rs 500.
Interest rate= 10% annually
∴ Amounts at the end of successive years form the G.P.
Rs. `500 (1 + 10/100)`, Rs. `500 (1 + 10/100)^2`
Rs. `500 (1 + 10/100)^3`
∵ ` [A = P(1 + r/100)^n]`
∴ Amount paid by bank after 10 years will be A = Rs. `500 (1 + 10/100)^10`
= Rs. 500 (1.1)10
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