Find the value of 1000 at 12% rate if 2 years find the annual compounding

Value is 169,000.

Step-by-step explanation:

Step 1: Given details are Principal (P) = 1000, Rate (r) = 12%, Time (t) = 2 years, Number of times it is compounded (n) = 1 (yearly)

Find value by using the formula P (1 + r/n) ^n*t

⇒ 1000 (1 + 12/1) ^1 * 2

⇒ 1000 (13) ²

⇒ 1000 * 169

= 169,000