Answer:
4,690.161
Explanation:
The amount in the account is equal to the value of Rs.100 deposited 50 years ago, earning at 8% compound interest. The interest is compounded once per year.
The formula for calculating compound interest is.
FV = PV × (1+r)^n
where FV = Future Value
PV = Present Value...Rs 100
r = annual interest rate..8%
n = number of periods..50
Fv= 100 x ( 1 + 8/100)^50
Fv= 100 x (1+0.08)^50
Fv=100 x (1.08)^50
Fv= 4,690.161
Amount in the account = Rs. 4,690.16
