SSC CGL Exam > SSC CGL Questions > If you invest Rs. 5,000 in a fixed deposit ac...
Start Learning for Free
If you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, how much money will you have in 3 years?
Most Upvoted Answer
If you invest Rs. 5,000 in a fixed deposit account with an annual inte...
Calculation:
To calculate the amount of money you will have in 3 years, we need to use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the future value of the investment/loan, including interest
P = the principal investment amount (initial deposit)
r = the annual interest rate (as a decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested/loaned for
In this case, the principal investment amount (P) is Rs. 5,000, the annual interest rate (r) is 8% (or 0.08 as a decimal), the interest is compounded annually (n = 1), and the investment period (t) is 3 years.
Calculation:
Using the given values, we can calculate the future value of the investment:
A = 5000(1 + 0.08/1)^(1*3)
A = 5000(1 + 0.08)^3
A = 5000(1.08)^3
A = 5000(1.2597)
A = 6298.5
Answer:
Therefore, if you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, you will have Rs. 6,298.5 in 3 years.
To calculate the amount of money you will have in 3 years, we need to use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the future value of the investment/loan, including interest
P = the principal investment amount (initial deposit)
r = the annual interest rate (as a decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested/loaned for
In this case, the principal investment amount (P) is Rs. 5,000, the annual interest rate (r) is 8% (or 0.08 as a decimal), the interest is compounded annually (n = 1), and the investment period (t) is 3 years.
Calculation:
Using the given values, we can calculate the future value of the investment:
A = 5000(1 + 0.08/1)^(1*3)
A = 5000(1 + 0.08)^3
A = 5000(1.08)^3
A = 5000(1.2597)
A = 6298.5
Answer:
Therefore, if you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, you will have Rs. 6,298.5 in 3 years.
Attention SSC CGL Students!
To make sure you are not studying endlessly, EduRev has designed SSC CGL study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in SSC CGL.
|
Explore Courses for SSC CGL exam
|
|
Similar SSC CGL Doubts
Top Courses for SSC CGLView all
If you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, how much money will you have in 3 years?
Question Description
If you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, how much money will you have in 3 years? for SSC CGL 2024 is part of SSC CGL preparation. The Question and answers have been prepared according to the SSC CGL exam syllabus. Information about If you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, how much money will you have in 3 years? covers all topics & solutions for SSC CGL 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for If you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, how much money will you have in 3 years?.
If you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, how much money will you have in 3 years? for SSC CGL 2024 is part of SSC CGL preparation. The Question and answers have been prepared according to the SSC CGL exam syllabus. Information about If you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, how much money will you have in 3 years? covers all topics & solutions for SSC CGL 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for If you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, how much money will you have in 3 years?.
Solutions for If you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, how much money will you have in 3 years? in English & in Hindi are available as part of our courses for SSC CGL.
Download more important topics, notes, lectures and mock test series for SSC CGL Exam by signing up for free.
Here you can find the meaning of If you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, how much money will you have in 3 years? defined & explained in the simplest way possible. Besides giving the explanation of
If you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, how much money will you have in 3 years?, a detailed solution for If you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, how much money will you have in 3 years? has been provided alongside types of If you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, how much money will you have in 3 years? theory, EduRev gives you an
ample number of questions to practice If you invest Rs. 5,000 in a fixed deposit account with an annual interest rate of 8% compounded annually, how much money will you have in 3 years? tests, examples and also practice SSC CGL tests.
|
|
Explore Courses for SSC CGL exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup