Amn deposited 56000 in the bank,the bank gives a compound interest of 15% per annum find amount of money he had in the bank after 2 years?

To calculate the amount of money Amn will have in the bank after 2 years with compound interest, we can use the formula:

A = P(1 + r/n)^(nt)

Where:
A = the amount of money after t years
P = the principal amount (initial deposit) = $56,000
r = the annual interest rate = 15% = 0.15
n = the number of times interest is compounded per year (assuming it is compounded annually)
t = the number of years = 2

Plugging in the values:

A = $56,000(1 + 0.15/1)^(1*2)
A = $56,000(1.15)^2
A = $56,000(1.3225)
A = $74,120

Therefore, Amn will have $74,120 in the bank after 2 years with compound interest.

Formula for compound interest:

A = P(1 + r/n)^(nt)

where:

- A = final amount
- P = principal amount (initial deposit)
- r = annual interest rate (as a decimal)
- n = number of times interest is compounded per year
- t = number of years

Given:

- P = 56,000
- r = 15% = 0.15
- n = 1 (compounded annually)
- t = 2

Calculation:

A = 56,000(1 + 0.15/1)^(1-2)
A = 56,000(1.15)^2
A = 56,000(1.3225)
A = 74,340

Therefore, Amn had Rs. 74,340 in the bank after 2 years.