Question

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

• A. Rs. $2,690$
• B. Rs. $2,460$
• C. Rs. $2,230$
• D. Rs. $2,160$

Answer 1

The correct option is D Rs. $2,160$

$P=13500$

$R=16$%

$T=1year$

$\Rightarrow$ C.I for 1 year $=$ S.I of 1 year $=\frac{13500\times 16\times 1}{100}=Rs.2160$