NIACL Model Paper 7 with solutions for free online practice

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Question : 56 of 100

Marks: +1, -0

What amount of compound interest can be obtained on an amount of Rs. 8,840 at the rate of 5 p.c.p.a. at the end of 3 years ?

Rs. 1,393.405
Rs. 1,326
Rs. 1,384.50
Rs. 1,340
None of these

Solution:

Cl = P

[[1+R/100]^T-1]

=

8840[[1+ 5/ 100]^ 3 -1]

= 8840[[21/20]^3-1]= 8840[9261/8000-1]

=

8840 [{9261-8000}/8000]

={8840×1261}/8000 =Rs. 1 393.405

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