Q63 of 74 Page 9

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


T1 = amount at the end of first year

    = 500 = 500 ×

T2 = 500 × …..

Here a = 500 × r =

n = 10

Tn = arn – 1

T10 = 500 ×

     = Rs. 500

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