A man saves rs 3000 every year and invests it at the end of the year at 10% compound interest - Maths - Compound Interest

Question

A man saves rs 3000 every year and invests it at the end of the
year at 10% compound interest and calculate the total amount of his
savings at the end of the third year

Arun Kumar · Accepted Answer

Dear student, 1st year investment = rs 3000 Amount after 1
year(using the formula of CI) = 3000(1+10/100)Â¹ =
3000Ã—1 1 = rs 3300 2nd year investment = rs
(3300+3000) = rs 6300 Amount after 2 years =
6300(1+10/100)Â¹ = 6300Ã— 1 1 = rs 6930 3rd
year investment = 6930 + 3000 = rs 9930 Total amount at the end of
3rd year = 9930(1+10/100)Â¹ = 9930 Ã— 1 1 =
rs 10923 Regards

A man saves rs.3000 every year and invests it at the end of the year at 10% compound interest and calculate the total amount of his savings at the end of the third year