Question : Find the compound interest (CI) on Rs. 12,600 for 2 years at 10% per annum compounded annually.
Option 1: Rs. 3,146
Option 2: Rs. 2,646
Option 3: Rs. 3,646
Option 4: Rs. 2,645
Correct Answer: Rs. 2,646
Solution :
Find the compound interest (CI) on Rs. 12,600 for 2 years at 10% per annum compounded annually.
Here, principle (P) = Rs. 12,600
Time (T) = 2 years
Rate of interest (R) = 10%
So, the compound interest = $P(1+\frac{R}{100})^T-P$
= $12600(1+\frac{10}{100})^2-12600$
= $15246-12600$
= Rs. 2,646
Hence, the correct answer is Rs. 2,646.
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