Question

A sum of Rs. $13,500$ is invested at $16\%$ per annum compound interest for $5$ years. Calculate the amount at the end of the first year

• A. Rs. 15,660
• B. Rs. 17,890
• C. Rs. 19,535
• D. Rs. 20,990

Answer 1

The correct option is A Rs. 15,660

$Sum=Rs.13500$

$Rate=16\%$

Amount at the end of first year$=P{(1+\frac{R}{100})}^T$

$=13500(1+\frac{16}{100})$

$=13500\times \frac{116}{100}=Rs.15660$