Question

    If Rs. 5,000 is compounded at an annual interest rate of

    8%, what will be the amount after 3 years?
    A 6290.4 Correct Answer Incorrect Answer
    B 6298.56 Correct Answer Incorrect Answer
    C 5740.5 Correct Answer Incorrect Answer
    D 6536.8 Correct Answer Incorrect Answer

    Solution

    Given – P =5000, Rate =8% per annum Time =3 years First method - A=P(1+r/100) n =5000(1+8/100)3 =5000(27/25)3 =5000×19683/15625 =6298.56

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