SOLUTION: Mala diposited 25450 rps in a bank on 01/01/2006 . If the rate is 6% yearly then on 15/03/2007 how much rupees mala have?

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Question 935156: Mala diposited 25450 rps in a bank on 01/01/2006 . If the rate is 6% yearly then on 15/03/2007 how much rupees mala have?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Mala diposited 25450 rps in a bank on 01/01/2006 . If the rate is 6% yearly then on 15/03/2007 how much rupees mala have?
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1 Jan 2006 to 15 March 2007 is 1 yr + 3.5 months = 1.2917 years
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A(t) = P(1+(r/n))^(nt)
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A(1.2917) = 25450(1 + (0.06/1))^(1*1.2917) = 25450*1.07817 = 27440 when
rounded up.
Cheers,
Stan H.
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