ismaeel group of companies places Rs. 220,000 in a saving account payi

1.	ismaeel group of companies places Rs. 220,000 in a saving account paying 7% interest compounded annually.Now they want to judge how much money will be earn at end of 5 years?
Answer» Answer: RS. 308561.38 will be the final amount at the END of 5 years. Step-by-step explanation: By formula, amount=p{[1+(r/100)]^n} p= PRINCIPLE r=rate n=time period as INTEREST is compounded annually, n=5 r=7 and p=220000 a=220000[1+0.07]^5 a=220000(1.40255) a=308561.3808

ismaeel group of companies places Rs. 220,000 in a saving account paying 7% interest compounded annually.Now they want to judge how much money will be earn at end of 5 years?

Answer»

Answer:

RS. 308561.38 will be the final amount at the END of 5 years.

Step-by-step explanation:

By formula,

amount=p{[1+(r/100)]^n}

p= PRINCIPLE r=rate n=time period

as INTEREST is compounded annually, n=5

r=7 and p=220000

a=220000[1+0.07]^5

a=220000(1.40255)

a=308561.3808

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ismaeel group of companies places Rs. 220,000 in a saving account paying 7% interest compounded annually.Now they want to judge how much money will be earn at end of 5 years?​

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ismaeel group of companies places Rs. 220,000 in a saving account paying 7% interest compounded annually.Now they want to judge how much money will be earn at end of 5 years?