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A man deposits Tk 600 in a Bank at 10% interest rate compounded annually, At the end of the second year, the total amount including interest will become Tk-

A man deposits Tk 600 in a Bank at 10% interest rate compounded annually, At the end of the second year, the total amount including interest will become Tk- Correct Answer 726

C = P(1 + r/n)nt  [C = principal with interest, r = rate of interest, n = number of times interest is compounded per time period, t = number of time periods] Now, P = 600, r = 10/100 = 0.1, n = 1, t = 2 So, C = 600 x (1 + 0.1)2 = 600 x 1.12 = 600 x 1.21 = 726 TK

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