Question

The compound interest on $Rs.3000$ for $3$ years at $10\%$ per annum is

• A. $Rs.900$
• B. $Rs.933$
• C. $Rs.963$
• D. $Rs.993$

Answer 1

The correct option is D $Rs.993$

solution:

$A=P(1+\frac{r}{n}{)}^{nt}$

$r=$ interest rate

$n=$ number of times interest applied per time period

$t=$ number of time periods elapsed

$A=3000(1+\frac{10}{100}{)}^3$

$A=3000\times \left(1.331\right)$

$A=3993$

$A=3000+993$

here $993$ is the compound interest on $Rs.3000$

hence the correct opt: D