63. What will Rs 500 amounts to in 10 years after its deposit in a bank which pays annual interest rate of 10% compounded annually?

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9 months ago

63. Given,

Principal value, amount deposited, P= ?500

Interest Rate, R= 10

Using compound interest = simple interest + P*R*time100

Amount at the end of 1st year

500+500*10+1100=500 (1+0.1)=500*1.1

= ?500* (1.1)

Amount at the end of 2nd year

500 (1.1)+500*1.1*10*1100

500 (1.1) (1+0.1)

= ?500 (1.1)2

Similarly,

Amount at the end of 3rd year = ?500 (1.1)3

So, the amount will form a G.P.

? 500 (

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