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Q.

Find Compound interest on Rs. 12000 at 5%  p.a. for 3 years compounded annually.


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a

Rs. 1891.50

b

Rs2891.50

c

Rs. 3891.50

d

Rs. 4891.50 

answer is A.

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Detailed Solution

 Concept- Compound interest formula
A=P 1+ R 100 t   where,
P = principal
R = rate
T = time Finding the compound interest by using the formula of compound interest
Given, P= 12000, R= 5%, T = 3
Question ImageAfter three years the amount will be 13981.5
C.I. = Amount – Principal
C.I. = 13891.5 – 12000
C.I. = 1891.5
Hence, the correct option is 1) 1891.5
 
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