Question : What is the Compound Interest (in Rs.) on Rs. 12500 at the rate of 12% per annum compounded yearly for 2 years?
Option 1: Rs. 3000
Option 2: Rs. 2980
Option 3: Rs. 3050
Option 4: Rs. 3180
Correct Answer: Rs. 3180
Solution : Principal, P = Rs. 12500 Time = 2 years Rate = 12% Compound Interest = P[$(1+\frac{r}{100})^n-1$], where P is principal, $r$ is rate of interest compounded annually for $n$ years. = 12500[$(1+\frac{12}{100})^2-1$] = 12500[$(1.12)^2-1$] = 12500[1.2544 – 1] = 12500 × 0.2544 = Rs. 3180 Hence, the correct answer is Rs. 3180.
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