Question
A man saves Rs.2000 at the end of each year and invests the money at 5% compound interest. At the end of 3 years he will have :
Answer: Option D
Answer: (d)Using Rule 1,Amount = $2000(1 + 5/100)^2 + 2000(1 + 5/100)$= 2000 × $(21/20)^2 + 2000(21/20)$= 2000 × $21/20 × 41/20$ = Rs.4305Required amount= 4305 + 2000 = Rs.6305
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Answer: (d)Using Rule 1,Amount = $2000(1 + 5/100)^2 + 2000(1 + 5/100)$= 2000 × $(21/20)^2 + 2000(21/20)$= 2000 × $21/20 × 41/20$ = Rs.4305Required amount= 4305 + 2000 = Rs.6305
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