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

Explanation

The amount deposited in bank is rs 500.
At the end of first year , amount =`Rs 500(1+1/10)=Rs 500.(1.1)`
At the end of second year , amount=`Rs 500(1.1)(1.1)`
At the end of third year , amount =`Rs 500 (1.1)(1.1)(1.1) --------`
Amount at the end of 10 years =`Rs 500(1.1)(1.1)------`(10times)
`=Rs 500(1.1)^10`