Farhana deposited TK.10,000 in a Bank at 13.25% interest rate compounded annually. At the end of the second year, the total amount including interest will become how much ?

Farhana deposited TK.10,000 in a Bank at 13.25% interest rate compounded annually. At the end of the second year, the total amount including interest will become how much ? Correct Answer TK.12,826

C = P(1 + r/n)nt [C = principal with interest, P = principal, r = rate of interest, n = number of times interest is compounded per time period, t = number of time periods] Here, P = 10000 TK,  r = 13.25% , n = 1 , t = 2 C = 10000(1 + 13.25/100)1×2 = 10000 × 1.2826 = 12826 TK
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