Question

Calculate the amount on ₹ 15,000 in 2 years and at 16 % compounded annually.

• A. ₹20184
• B. ₹22454
• C. ₹18892
• D. ₹26400

Answer 1

The correct option is A ₹20184

Given n= 2 years ; P = ₹ 15,000 R = 16 %
Amount for 2 years is given by the formula
A = $P{[1+\frac{R}{100}]}^n$
A = $15000{[1+\frac{16}{100}]}^2$
A = ₹20184