What is the amount for a sum of money Rs

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Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Compound Interest

Question:

What is the amount for a sum of money Rs.7500 at 6% rate of interest Compound Interest for 2 years?

Options:

8427

8417

8400

8390

Correct Answer:

8427

Explanation:

Compound interest 1st year - 7500 @ 6% = 450

Compound interest 2nd year - 7950 @ 6% = 477

Thus, the compound interest for 2 years = 927 or amount = 7500 + 927 = 8427