What will Rs. 500 amounts to in 10 years after its deposit in a bank which pays annual interest are 10% compounded annually?

Explanation

To find the amount that Rs. 500 will grow to in 10 years with an annual interest rate of 10% compounded annually, we can use the compound interest formula:

### Step-by-Step Solution:

1. **Identify the Variables**:
- Principal (P) = Rs. 500
- Rate of interest (r) = 10%
- Time (n) = 10 years
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