Question 11

A sum of Rs 6000 is borrowed at compound interest at the rate of 8% per annum. What will be the amount (in Rs) after 2 years?

Solution

Principal sum = Rs. 6000

Rate of interest = 8% and time period = 2 years

Amount under compound interest = $$P(1+\frac{R}{100})^T$$

= $$6000(1+\frac{8}{100})^2$$

= $$6000(1+\frac{2}{25})^2=6000(\frac{27}{25})^2$$

= $$6000\times\frac{729}{625}$$

= $$9.6\times729=Rs.$$ $$6998.4$$

=> Ans - (A)

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