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Question
Pritam bought a plot of land for Rs 640000. Its value is increasing by 5% of its previous value after every six months. What will be the value of the plot after 2 years?
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Solution
Given:
P = Rs 64, 000
R = 5 % for every six months
Value of the plot after two years = P \[\left( 1 + \frac{R}{100} \right)^n \]
\[ \Rightarrow 64, 000 \left( 1 + \frac{5}{200} \right)^4 \]
\[ = 64, 000 \left( 1 . 025 \right)^4 \]
\[ = 706, 440 . 25\]
Thus, the value of the plot after two years will be Rs 706, 440.25.
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