Question : The compound interest on Rs. 4000 for 4 years at 10% per annum will be:
Option 1: Rs. 1856.40
Option 2: Rs. 1600
Option 3: Rs. 1856
Option 4: Rs. 1756.60
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Correct Answer: Rs. 1856.40
Solution :
Here p = Rs. 4000, r = 10%, t = 4 years.
We know the compound interest = $p[(1+\frac{r}{100})^t–1]$
$=4000[(1+\frac{10}{100})^4–1]$
$=4000[(\frac{11}{10})^4–1]$
$= 4000[(\frac{14641}{10000})–1]$
$= 4000[\frac{4641}{10000}]$
$=1856.4$
So, the compound interest is Rs. $1856.40$.
Hence, the correct answer is Rs. 1856.40.
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