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. $18250.50$
• B. $28250.50$
• C. $38250.50$
• D. $48250.50$

Answer 1

Answer: (A)

$18250.50$

Given: $P=12000,r=15\%,n=3$ years
$A=P\left[{(1+\frac{r}{100})}^n\right]$
$A=12000\left[{(1+\frac{15}{100})}^3\right]$
$A=$ Rs. $18250.50$