NCERT Class XI Mathematics - Sequences and Series - Solutions
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Question : 65
Total: 106
What will Rs. 500 amounts to in 10 years after its deposit in a bank which pays annual interest rate of 10% compounded annually?
Solution:
We have, Principal value = Rs. 500
Interest rate = 10% annually
∴ Amounts at the end of successive years form the G.P.
Rs. 500( 1 +
) ( 1 +
) 2 ( 1 +
) 3
∴ Amount paid by bank after 10 years will be
A = Rs. 500( 1 +
) 10 ( 1.1 ) 10
Interest rate = 10% annually
∴ Amounts at the end of successive years form the G.P.
Rs. 500
∴ Amount paid by bank after 10 years will be
A = Rs. 500
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