Question 75

A sum of ₹4500 is lent at compound interest. If the rate of interest is 10% per annum (interest is compounded annually), then what will be the amount after 3 years?

Solution

Principal sum = Rs. 4500

Rate of interest = 10% and time = 3 years

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

= $$4500(1+\frac{10}{100})^3$$

= $$4500\times(1.1)^3=Rs.$$ $$5989.5$$

=> Ans - (A)

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