You get Rs. 1 lakh from your father and you invest the amount for the next 15 years in HDFC Bank AND THE Compound interest accrues to you Quarterly at a rate of 10% per annum. What is the total amount of money you will have by the end of the 10th Year?
need answer ASAP
need answer ASAP
Answers & Comments
Answer:
According to my formula
Therefore, P=100000 R=10pcpa T=15,10yrs I=? A=?
Step-by-step explanation:
Step 1 : of 15 years
I=PxTxR/100
I=100000x10x15/100
I=10000x15 (1000x10x15=10000x15)
I=150000
A=P+I
A=100000+150000
A=250000
Step 2 : of 10 years
I=PxTxR/100
I=100000x10x10/100
I=100000
A=P+I
A=100000+100000
A=200000
You get 200000 amount of 10 years