Question : What is the Compound interest on INR 25,000 for 3 years at 10% per annum compounded yearly?
Option 1: INR 8,125
Option 2: INR 8,000
Option 3: INR 8,200
Option 4: INR 8,275
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Correct Answer: INR 8,275
Solution :
We know, $\text{Total amount}=\text{Principal}×(1+\frac{\text{Rate}}{100})^{\text{Time}}$
$⇒\text{Total amount}= 25000(1+\frac{10}{100})^{3}$
$⇒\text{Total amount}= 25000×\frac{11}{10}×\frac{11}{10}×\frac{11}{10}= 33275$
$\therefore$ Compound Interest = Total amount – Principal = 33275 – 25000 = INR 8,275
Hence, the correct answer is INR 8,275.
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