A man saves Rs 5000 every year and invests it at the end of the year at 8% per - Maths -

Question

A man saves Rs 5000 every year and invests it at the end of the
year at 8% per annum compound interest Calculate the total amount
of his savings at the end of the third year

Sunanta Meitei · Accepted Answer

Hi!

For the first year:

The investment made the man, P = Rs 5,000

Rate of interest, r = 8% per annum.

At the end of the first year, the amount obtained by the boy on the investment at the beginning of the first year (on Rs 5,000)

Hope! You got the answer.

Cheers!

Hope! You got the answer Cheers!

A man saves Rs. 5000 every year and invests it at the end of the year at 8% per annum compound interest. Calculate the total amount of his savings at the end of the third year.