Practicing Success
Ram deposited an amount of ₹ 8,000 in a bank’s savings account with interest 6.5% compounded monthly. What amount will he get at the end of 18 months? |
₹8816.97 ₹8788.98 ₹8907.56 ₹8790.54 |
₹8816.97 |
Formula used- Amount = P$(1 \;+\; \frac{R}{100})^t$ Here, Amount = Rs 8000 , R = 6.5% per month , t = 18 months A = 8000$(1 \;+\; \frac{6.5}{12 ×100})^18$ ⇒ A = 8000[$(\frac{100.54}{100})^18 $] ⇒ A = 8000 ( 1.1021 ) ⇒ A = 8816.97 So, amount is Rs. 8816.97 |