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How much is the compound interest on Rs. 1000 at 10% interest in 3 years?1. Rs. 3312. Rs. 13313. Rs. 1334. Rs. 313 |
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Answer» Correct Answer - Option 1 : Rs. 331 Given: Principal = Rs. 1000 Rate = 10% Time = 3 years Formula Used: Compound Interest = \(P( 1 + {R \ \over 100})^T - P\) Calculation: C.I = P (1 + \( {10 \ \over 100}\))T - P ⇒ 1000 × (\( {11 \ \over 10}\))3 - 1000 ⇒ 1331 - 1000 ⇒ Rs.331 ∴ The required compound interest is Rs 331 |
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