Question 70
At what percent per annum will ₹6000 amounts to ₹7986 in 3 years if the interest is compounded annually?
Solution
Given,
Principal (P) = ₹6000
Amount (A) = ₹7986
Time = 3 yrs
As we know,
$$A\ =\ P\ \left(1+\frac{r}{100}\right)^n$$
$$7986\ =\ 6000\ \left(1+\frac{r}{100}\right)^3$$
By solving we get ,
r = 10%
Hence, Option C is correct.
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