Question

A sum of Rs.$15,000$ is invested for $3$ years at $13$ % per annum compound interest. Calculate the compound interest.

• A. $6500.435$
• B. $6689.245$
• C. $6643.455$
• D. $6276.585$

Answer 1

The correct option is C $6643.455$

We have,

$P=Rs.15000$

$T=3years$

$R=13\%$

$C.I=?$

We know that

$A=P{(1+\frac{R}{100})}^T$

$A=15000{(1+\frac{13}{100})}^3$

$A=15000{\left(\frac{113}{100}\right)}^3$

$A=15000\left(\frac{113\times 113\times 113}{100\times 100\times 100}\right)$

$A=15\left(\frac{113\times 113\times 113}{1000}\right)$

$A=Rs.21,643.455$

So, the compound interest
$=\mathrm{21.643.455}-15000=Rs.6643.455$