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?
Answer & explanation
Correct answer: option 2
CI for 3 years = P (1+ \(\frac{25}{6 \times 100}\))³ - P
= 13824[ (\(\frac{25}{24}\))³ - 1]
= 13824 \(\frac{1801}{13824}\)
= 1801