What will be the amount payable on maturity on a principal of ₹12,000, invested for 3 years, at the rate of 10% per annum, compounded annually?

₹15,972 ₹16,826 ₹18,922 ₹14,928

₹15,972

From the formula of Amount, we know, Amount = P(1+$\frac{R}{100})^t$  = 12000 [ 1 + \(\frac{10}{100}\) ]³   = 12000 [ \(\frac{11}{10}\) × \(\frac{11}{10}\) × \(\frac{11}{10}\)  ] = 15972