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    Question

    What will be the compound interest earned on an

    investment of Rs. 20,000 over a period of 3 years at an annual interest rate of 12%, compounded yearly?
    A Rs. 7,948.56 Correct Answer Incorrect Answer
    B Rs. 8,098.56 Correct Answer Incorrect Answer
    C Rs. 7,768.56 Correct Answer Incorrect Answer
    D Rs. 8,208.56 Correct Answer Incorrect Answer

    Solution

    Compound interest received = 20000 X {1 + (12/100)} 3 ┬а- 20000

    = 20000 X (112/100) 3 ┬а- 20000

    = 28098.56 тАУ 20000 = Rs. 8,098.56

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