Question

In beginning of the year 2019, there was ₹26000 in a savings account. After adding ₹54000 to this, the entire amount was invested at 8% compound interest. What will be the amount after 2 years?

• A. ₹92450
• B. ₹93,312
• C. ₹94354
• D. ₹91558

Answer 1

The correct option is B ₹93,312

Total amount to be invested = ₹54000 + ₹26000 = ₹80000.
Time = 2 years , rate = 7.5% p.a.
Amount = $P(1+\frac{r}{100}{)}^t$
= $80000(1+\frac{8}{100}{)}^2$
= $80000\times \frac{108}{100}\times \frac{108}{100}$
= $(8\times {108}^2)$
= ₹93,312