Question : Find compound interest on Rs. 60000 at 10% per annum for 5 years, compounded annually.
Option 1: Rs. 3456.87
Option 2: Rs. 34563.12
Option 3: Rs. 36630.60
Option 4: Rs. 3254.98
Correct Answer: Rs. 36630.60
Solution :
Given: Principle = Rs. 60000
The rate of interest = 10% per annum
Time = 5 years
We know, $\text{Compound interest}=\text{Principal}×(1+\frac{\text{Rate}}{100})^{\text{Time}}-\text{Principal}$
= $60000(1+\frac{10}{100})^5-60000$
= $60000(\frac{11}{10})^5-60000$
= Rs. 36630.60
Hence, the correct answer is Rs. 36630.60.
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