Question

    What is the compound interest on ₹24,000 for 2 years

    at the rate of 10% per annum, if interest is compounded annually?
    A ₹4,820 Correct Answer Incorrect Answer
    B ₹5,280 Correct Answer Incorrect Answer
    C ₹5,040 Correct Answer Incorrect Answer
    D ₹6,080 Correct Answer Incorrect Answer

    Solution

    To calculate compound interest:

    Formula = 

    P = ₹24,000, r = 10%, t =2 years

    Calculation :

    Compound Interest :

    The compound interest is ₹.5040

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