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What amount that Jay will receive if he deposits Rs. 8000 for 3 years at 10% per annum compounded annually?
- a)Rs. 10228
- b)Rs. 10545
- c)Rs. 10548
- d)Rs. 10648
Correct answer is option 'C'. Can you explain this answer?
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What amount that Jay will receive if he deposits Rs. 8000 for 3 years ...
Here A =P 
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What amount that Jay will receive if he deposits Rs. 8000 for 3 years ...
Here A =P
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What amount that Jay will receive if he deposits Rs. 8000 for 3 years ...
Understanding Compound Interest
When calculating the amount Jay will receive after depositing money, we use the compound interest formula:
Amount (A) = P(1 + r/n)^(nt)
Here:
- P = Principal amount (initial deposit)
- r = Annual interest rate (decimal)
- n = Number of times interest applied per year
- t = Number of years the money is invested or borrowed
Given Values
- P = Rs. 8000
- r = 10% = 0.10
- n = 1 (since it's compounded annually)
- t = 3 years
Calculation Steps
1. Substituting Values
A = 8000(1 + 0.10/1)^(1*3)
2. Simplifying the Equation
A = 8000(1 + 0.10)^3
A = 8000(1.10)^3
3. Calculating (1.10)^3
(1.10)^3 = 1.331
4. Final Calculation
A = 8000 * 1.331
A = Rs. 10648
Conclusion
Thus, the amount that Jay will receive after 3 years is Rs. 10648. Therefore, the correct answer is option 'C'.
When calculating the amount Jay will receive after depositing money, we use the compound interest formula:
Amount (A) = P(1 + r/n)^(nt)
Here:
- P = Principal amount (initial deposit)
- r = Annual interest rate (decimal)
- n = Number of times interest applied per year
- t = Number of years the money is invested or borrowed
Given Values
- P = Rs. 8000
- r = 10% = 0.10
- n = 1 (since it's compounded annually)
- t = 3 years
Calculation Steps
1. Substituting Values
A = 8000(1 + 0.10/1)^(1*3)
2. Simplifying the Equation
A = 8000(1 + 0.10)^3
A = 8000(1.10)^3
3. Calculating (1.10)^3
(1.10)^3 = 1.331
4. Final Calculation
A = 8000 * 1.331
A = Rs. 10648
Conclusion
Thus, the amount that Jay will receive after 3 years is Rs. 10648. Therefore, the correct answer is option 'C'.
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