How much it will become at the end of 3 years?

Manju saves 200 at the end of each year and lends the money at 5% compound interest. How much it will become at the end of 3 years?

  1. 655.02
  2. 662.0
  3. 660.02
  4. None of these
Anurag Mishra Professor Asked on 31st January 2016 in Maths.
Add Comment
  • 1 Answer(s)

    Answer: (2) 662.02

    Solution:-
    Amount end of first year = 200 + 200 x 5/100
    = 200 + 10
    = Rs. 210

    Amount end of second year = (210 + 200) + 410 x 5/100
    = 410 + 20.5
    = Rs. 430.5

    Amount end of third years = (430.5 + 200) + 630.5 x 5/100
    = 630.5 + 31.52
    = Rs. 662.02

    Hence, the correct answer is option (2) 662.02.

    Anurag Mishra Professor Answered on 31st January 2016.
    Add Comment
  • Your Answer

    By posting your answer, you agree to the privacy policy and terms of service.