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Question

The amount on ₹ 10,800 for 3 years at 1212% per annum, compounded annually is 


  1. ₹ 15,157 (approx)

  2. ₹ 15,489 (approx)

  3. ₹ 15,250 (approx)

  4. ₹ 15,377 (approx)


Solution

The correct option is D

₹ 15,377 (approx)


Here, Prinicipal (P) = ₹ 10800, Time (n) = 3 years,

Rate of interest (R) = 1212%=252%

Amount (A)=P(1+R100)n

= 10800(1+252×100)3

= 10800(98)3

= 10800×98×98×98

= ₹ 15,377.34

= ₹ 15,377 (approx)

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