Find the amount on Rs. $8{,}000$ at $5\%$ per annum compounded annually for $2$ years.

Find the amount on Rs. $8{,}000$ at $5\%$ per annum compounded annually for $2$ years.
  1. Rs. $8{,}400$
  2. Rs. $8{,}600$
  3. Rs. $8{,}820$
  4. Rs. $9{,}000$

Solution

$A = 8000 \times (1.05)^{2} = 8000 \times 1.1025 = 8820$.

Asked in: IMO

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