Answer :
Step-by-step explanation:
To calculate the future value of the deposit with compound interest, we can use the formula:
A=P(1+r)^n
Where:
A is the future value of the investment/loan, including interest
P is the principal investment amount (the initial deposit or loan amount)
r is the annual interest rate (in decimal)
n is the number of years the money is invested or borrowed for
Given:
P=₹10,000
r=0.05
n=12
Plugging in the values:
A=10000(1+0.05)^12
A=10000(1.05)^12
A=10000(1.795856)
A≈17958.56
So, after 12 years, you would have approximately ₹17,958.56 in your bank account.
