Aman has taken a loan of ₹50,000 from a bank at the rate of 8% to be compounded annually. How much does he have to pay after 3 years? (Nearest to a ₹)

₹62,986

The Formula that we used here is -

Amount = P$(1 \;+\; \frac{R}{100})^t$

= 50000 [ 1 + \(\frac{8}{100}\) ]³

= 50000 × \(\frac{27}{25}\) × \(\frac{27}{25}\)  × \(\frac{27}{25}\) 

= 62985.6

= 62986  ( nearest to Rs. )