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

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Rs. 1891.50

Rs2891.50

Rs. 3891.50

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 Image

After 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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