At the start of a year there were Rs. 24,000 in a savings account. After adding Rs. 56,000 to this the entire amount was invested in the bank at 7.5% compound interest. What will be the total amount after 3 years?
Balance at the start of the year = Rs. 24000
Amount added = Rs. 56,000
Total = Rs. 80,000
Interest rate = 7.5% per annum
Period of accumulation = 3yr
Formula,
A = ![]()
Amount of maturity after 3 year,
= Rs. ![]()
= Rs. 80,000×1.075×1.075×1.075
= Rs. 99,383.75
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