A man saves TK 200 at the end of each yr and lends the money at 5% compound interest. How much money will it become at the end of 3 years
Solution
Correct Answer: Option B
First year:
Save 200 tk + 200 tk উপর 5% interest=10 tk
At the end of first year
amount=210 tk
second year:
save 200 + first year 210 =Amount 410 tk
410 of 5% interest =20.5 tk
At the end of 2nd year
=Amount 430.5 tk
similarly 3rd year:
200+430.5=630.5 tk
At the end of 3rd year
=630.5 + 630.5 of 5%
=662.02 tk
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