How much will Rs. 6,40,000 become in three years if the annual increas

1.	How much will Rs. 6,40,000 become in three years if the annual increase is 5%?1. Rs. 7,50,0002. Rs. 7,40,8803. Rs. 7,48,8804. Rs. 7,52,600
Answer» Correct Answer - Option 2 : Rs. 7,40,880 GIVEN: Principal = Rs. 640000 Rate = 5% per annum Time = 3 years CONCEPT: It is a question of Compound interest where we have to find the final amount, Time period is 3 years and the rate of interest is given as 5% pa. FORMULA USED: A = P × [1 + (R/100)]^T CALCULATION: Applying the formula: Amount = \(640000{\left( {1 + \frac{5}{{100}}} \right)^3} = 80 \times {21^3} = 740880\) ∴ Amount is Rs. 7,40,880.

How much will Rs. 6,40,000 become in three years if the annual increase is 5%?1. Rs. 7,50,0002. Rs. 7,40,8803. Rs. 7,48,8804. Rs. 7,52,600

Answer» Correct Answer - Option 2 : Rs. 7,40,880

GIVEN:

Principal = Rs. 640000

Rate = 5% per annum

Time = 3 years

CONCEPT:

It is a question of Compound interest where we have to find the final amount, Time period is 3 years and the rate of interest is given as 5% pa.

FORMULA USED:

A = P × [1 + (R/100)]^T

CALCULATION:

Applying the formula:

Amount = \(640000{\left( {1 + \frac{5}{{100}}} \right)^3} = 80 \times {21^3} = 740880\)

∴ Amount is Rs. 7,40,880.

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How much will Rs. 6,40,000 become in three years if the annual increase is 5%?1. Rs. 7,50,0002. Rs. 7,40,8803. Rs. 7,48,8804. Rs. 7,52,600

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