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
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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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