Mike deposited a sum of $ 64000 in a post office for 3 years, compounded annually at 71/2 % per - Maths - Comparing Quantities

Question

Mike deposited a sum of $ 64000 in a post office for 3 years,
compounded annually at 71/2 % per annum What amount will he get on
maturity?

Rishabh Mittal · Accepted Answer

Dear Student ,
Please find below the solution to the asked query :

Assuming question isP= 64000 dollars , t=3 years , r=712%p
a =152% p a
A=P1+r100tA=64000 1+152003=64000×2152003=64000×43403=64000×7950764000= 79507 dollars Amount he will get on maturity is  79507dollars 
Hope this information will clear your doubts about the topic
If you have any more doubts just ask here on the forum and our
experts will try to help you out as soon as possible
Regards

Mike deposited a sum of $ 64000 in a post office for 3 years, compounded annually at 71/2 % per annum. What amount will he get on maturity?