Question : Find the compound interest on Rs 1,65,400 at a rate of 5% per annum for four years, compounded annually.
Option 1: Rs. 34,564.98
Option 2: Rs. 34,527.87
Option 3: Rs. 35,644.73
Option 4: Rs. 54,367.6
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Correct Answer: Rs. 35,644.73
Solution : Use : Amount = P (1+$\frac{r}{100})^{t}$ where, $r$ = Rate of interest per annum compounded annually $t$ = Time According to the question ⇒ Amount = 165400 (1+$\frac{5}{100})^{4}$ = 165400 (1+$\frac{1}{20})^{4}$ = 165400($\frac{21}{20})^{4}$ = 201044.734 ⇒ Compound Interest = A – P = 201044.734 – 165400 = 35,644.73 Hence, the correct answer is Rs. 35,644.73
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