Manoj deposited a sum of rs 64000 in a post office for 3 years, compounded annually at15/2% per annum. What amount will he get on maturity
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To calculate the amount Manoj will get on maturity, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the maturity amount
P = the principal amount (initial deposit)
r = the annual interest rate (expressed as a decimal)
n = the number of times the interest is compounded per year
t = the number of years
In this case, Manoj deposited Rs 64000 for 3 years, and the interest is compounded annually at a rate of 15/2% per annum.
Let's calculate the maturity amount step-by-step:
Step 1: Convert the interest rate to a decimal:
15/2% = 15/2 ÷ 100 = 0.075
Step 2: Substitute the values into the formula:
A = 64000(1 + 0.075/1)^(1*3)
Step 3: Calculate the exponent:
A = 64000(1 + 0.075)^3
Step 4: Evaluate the parentheses:
A = 64000(1.075)^3
Step 5: Calculate the power:
A = 64000(1.227006875)
Step 6: Multiply the principal amount by the result:
A = Rs 78592.44
Therefore, Manoj will get a maturity amount of Rs 78592.44 on maturity.
To calculate the maturity amount, we need to use the formula for compound interest:
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 interest is compounded per year
t = Number of years
In this case:
P = Rs 64000
r = 15/2% = 15/2/100 = 0.15/2 = 0.075 (as a decimal)
n = 1 (compounded annually)
t = 3 years
Substituting these values into the formula:
A = 64000(1 + 0.075/1)^(1*3)
A = 64000(1.075)^3
A = 64000 * 1.231361
A ≈ Rs 78,689.76
Therefore, Manoj will get approximately Rs 78,689.76 on maturity.
P = Po(1+r)^n.
Po = 64,000.
r = 7.5% = 0.075.
n = 1comp./yr. * 3yrs. = 3 Compounding periods.