Question : The compound interest on Rs. 64,000 for 3 years, compounded annually at 7.5% p.a. is:
Option 1: Rs. 14,400
Option 2: Rs. 15,705
Option 3: Rs. 15,507
Option 4: Rs. 15,075
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Correct Answer: Rs. 15,507
Solution : Amount = $P(1+\frac{R}{100})^{n}$ to calculate the answer. Where P is the principal amount, R is the rate of interest per annum, and n is the time in years. Amount = $64000(1+\frac{7.5}{100})^{3}$ = Rs. 79,507 CI = Rs. 79,507 – Rs. 64,000 = Rs.15,507 Hence, the correct answer is Rs. 15,507.
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