Compound Interest Practice Test 1

Question : 3 of 40

Marks: +1, -0

Find the compound interest on Rs 1,300 for 3 years at 3% p.a., 4% p.a. and 2.5% p.a. for first year, second year and third year respectively.

Solution:

Amount

=P(1+r_1/100)(1+r_2/100)(1+r_/100)

=1300(1+3/100)(1+4/100)(1+2.5/100)

≈ Rs 1,427
Interest = 1,427 - 1,300 = Rs 127

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