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Question 144
What will be the compound interest accrued on a principal amount of 32,000 at the rate of 11 p.c.p.a after a period of 2 years?
Solution
Here the rate of interest is 11% per annum
Principal Amount is Rs 32000
Compounded amount after 2 years = 32000 $$({1 +\frac{11}{100}})^{2}$$
= Rs 39247.2
Hence , CI = Compounded Amount - Principal Amount
CI = 39247.2 - 32000
= Rs 7247.2
Option D is correct
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