What will $Rs.$ $500$ amounts to in $10$ years after its deposit in a bank which pays annual interest rate of $10 \%$ compounded annually?

Vedclass pdf generator app on play store
Vedclass iOS app on app store

The amount deposited in the bank is $Rs.$ $500 .$

At the end of first year, amount $= Rs .500\left(1+\frac{1}{10}\right)= Rs .500(1.1)$

At the end of $2^{\text {nd }}$ year, amount $=$ $Rs.$ $500(1.1)(1.1)$

At the end of $3^{ rd }$ year, amount $= Rs.\, 500(1.1)(1.1)(1.1)$ and so on

$\therefore$ Amount at the end of $10$ years $=$ $Rs.$ $500(1.1)(1.1) \ldots . .(10 \text { times })$

$= Rs. 500(1.1)^{10}$

Similar Questions

If three successive terms of a$G.P.$ with common ratio $r(r>1)$ are the lengths of the sides of a triangle and $[\mathrm{r}]$ denotes the greatest integer less than or equal to $r$, then $3[r]+[-r]$ is equal to :

  • [JEE MAIN 2024]

Which term of the following sequences:

$\quad 2,2 \sqrt{2}, 4, \ldots$ is $128 ?$

Suppose the sides of a triangle form a geometric progression with common ratio $r$. Then, $r$ lies in the interval

  • [KVPY 2010]

If the first term of a $G.P.$ ${a_1},\;{a_2},\;{a_3},..........$ is unity such that $4{a_2} + 5{a_3}$ is least, then the common ratio of $G.P.$ is

If $y = x + {x^2} + {x^3} + .......\,\infty ,\,{\rm{then}}\,\,x = $