Aman has taken a loan of ₹50,000 from a bank at the rate of 8% to be compounded annually. How much does he have to pay after 3 years? (Nearest to a ₹)

₹62,517 ₹62,871 ₹62,986 ₹62,000

₹62,986

The Formula that we used here is - Amount = P$(1 \;+\; \frac{R}{100})^t$ = 50000 [ 1 + \(\frac{8}{100}\) ]³ = 50000 × \(\frac{27}{25}\) × \(\frac{27}{25}\)  × \(\frac{27}{25}\)  = 62985.6 = 62986  ( nearest to Rs. )