Find the compound interest(CI) on Rs 12,

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Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Compound Interest

Question:

Find the compound interest(CI) on Rs 12,600 for 2 years at 10% per annum compounded annually.

Options:

Rs 3146

Rs 2646

Rs 3646

Rs 2645

Correct Answer:

Rs 2646

Explanation:

Compound Interest = P$(1 + \frac{R}{100})^T$

= 12600$(1 + \frac{10}{100})^2$

= 12600$\frac{121}{100}$

= Rs 3146