Practicing Success
What will be the compound interest when ₹13824 is deposited in a bank at \(4\frac{1}{6}\)% per annum compounded annually for 3 years? |
₹1750 ₹1801 ₹1820 ₹1790 |
₹1801 |
CI for 3 years = P (1+ \(\frac{25}{6 \times 100}\))³ - P = 13824[ (\(\frac{25}{24}\))³ - 1] = 13824 \(\frac{1801}{13824}\) = 1801 |