Question : What is the compound interest on a sum of INR 25,000 after three years at a rate of 12 percent per annum interest compounded yearly?
Option 1: INR 10,123.20
Option 2: INR 9,824.00
Option 3: INR 10,520.00
Option 4: INR 9,956.86
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Correct Answer: INR 10,123.20
Solution : Principal amount, $P$ = INR 25,000 Rate of interest, $R$ = 12 percent per annum Time of investment, $T$ = 3 years When compounded annually, Compound Interest = $P(1+\frac{R}{100})^{T}-P$ = $25000(1+\frac{12}{100})^{3}-25000$ = $25000(\frac{28}{25})^3-25000$ = $\frac{28^3\times 8}{5}-25000$ = 35123.2 – 25000 = 10123.2 Hence, the correct answer is INR 10,123.20.
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