Question : What will be the amount of Rs. 12500 at the rate of 20% per annum compounded yearly for 3 years?
Option 1: Rs. 21080
Option 2: Rs. 21560
Option 3: Rs. 20600
Option 4: Rs. 21600
Correct Answer: Rs. 21600
Solution : Principal, P = Rs. 12500 Rate of interest, $r$ = 20% Time, $n$ = 3 years According to the question, Amount = P[$(1+\frac{r}{100})^n$], where P is principal, $r$ is the rate of interest compounded annually for $n$ years. ⇒ Amount = 12500$(1+\frac{20}{100})^3$ = 12500$(\frac{6}{5})^3$ = 12500$×\frac{216}{125}$ = Rs. 21600 Hence, the correct answer is Rs. 21600.
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