Hiran invests 20 000 rupees in an account for 3 years at 1.5% per year compound interest. Work out the total amount of money in the account at the end of 3 years.
Give your answer to the nearest rupee.

There will be 20 914 rupees in the amount at the end of 3 years.

Step-by-step explanation:

The amount of rupes after t years in compound interest is given by:

In which A(0) is the initial amount and r is the interest rate, as a decimal.

Hiran invests 20 000 rupees in an account for 3 years at 1.5% per year compound interest.

This means that . So

Work out the total amount of money in the account at the end of 3 years.

This is A(3). So

Rounding to the nearest rupee.

There will be 20 914 rupees in the amount at the end of 3 years.

-14 is the answer

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