Question 64

What will be the compound interest on ₹6000 at 3% per annum for 2 years compounded annually?

Solution

Principal sum = $$P=6000$$

Rate of interest = $$r=3\%$$ and time = $$t=2$$ years

=> Compound interest = $$P[(1+\frac{r}{100})^t-1]$$

= $$6,000[(1+\frac{3}{100})^2-1]$$

= $$6,000[(1.03)^2-1]$$

= $$6000\times0.0609=Rs.$$ $$365.40$$

=> Ans - (A)

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