A bank deposit of Rs. 750,000 increases by 5% every year. What will be the total amount after 3 years?
- Rs. 862,500
- Rs. 862,600
- Rs. 862,700
- None of these
Explanation
Formula = Principal x (1 + Rate)^Years
= 750,000 x (1.05)^3
Year 1: 750,000 + 5% = 787,500
Year 2: 787,500 + 5% = 826,875
Year 3: 826,875 + 5% = 868,218.75
Total after 3 years = Rs. 868,218.75
If simple interest (5% on original principal only):
750,000 + (37,500 x 3) = Rs. 862,500
Last verified on 22-10-2026
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