Manoj deposited a sum of rs64000 in a post office for 3 years compounded annually 9%/ annum.what amount will he get on maturity?
To calculate the maturity amount, we can use the compound interest formula:
A = P(1 + r/n)^(nt)
Where:
A = Maturity amount
P = Principal amount (initial deposit)
r = Annual interest rate (in decimal form)
n = Number of times the interest is compounded per year
t = Number of years
Given information:
Principal amount (P) = Rs. 64000
Annual interest rate (r) = 9% = 0.09 (in decimal form)
Number of times compounded per year (n) = 1 (compounded annually)
Number of years (t) = 3
Substituting the values into the formula, we can calculate the maturity amount (A):
A = 64000(1 + 0.09/1)^(1*3)
A = 64000(1 + 0.09)^3
A = 64000(1.09)^3
A ≈ Rs. 79132.11
Therefore, Manoj will get approximately Rs. 79132.11 on maturity.