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Question

Joshita is having a bank account whose principal is Rs. 12000 and her bank compounds the interest thrice a year at an interest rate of 15%, how much money did she have in her account at the year's end?

A
18250.50
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B
28250.50
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C
38250.50
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D
48250.50
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Solution

The correct option is C 18250.50
Given: P=12000,r=15%,n=3 years
A=P[(1+r100)n]
A=12000[(1+15100)3]
A= Rs. 18250.50

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