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
