Question
Download Solution PDFSwara deposited ₹75,000 with a finance company for 3 years at an interest of 12% per annum, compounded annually. What is the compound interest that Swara gets after 3 years?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹75,000
Rate (r) = 12% per annum
Time (t) = 3 years
Formula used:
Compound Interest (CI) = P(1 + \(\frac{r}{100}\))t - P
Calculations:
CI = 75000(1 + \(\frac{12}{100}\))3 - 75000
⇒ CI = 75000(1 + 0.12)3 - 75000
⇒ CI = 75000(1.12)3 - 75000
⇒ CI = 75000(1.404928) - 75000
⇒ CI = 105369.60 - 75000
⇒ CI = 30369.60
∴ The correct answer is option (4).
Last updated on Jun 2, 2025
-> The Railway Recruitment Board has released the RPF Constable 2025 Response Sheet on 24th March 2025. As per the official notice, the RPF Constable Answer Key will be available from 24th March 2025 to 29th March 2025.
-> The RRB ALP 2025 Notification has been released on the official website.
-> The Examination was held from 2nd March to 18th March 2025. Check the RPF Exam Analysis Live Updates Here.
-> RPF Constable 2025 application status was released in January 20, 2025.