Compound Interest Practice Test 2

Question : 17 of 40

Marks: +1, -0

Under a scheme of investment, the rate of interest is 4% and the interest is compounded three monthly. What will be the amount if a man invests Rs. 2000 for 1 year under this scheme?

Rs. 2060
Rs. 2081.21
Rs. 2100.25
Rs. 2125.54

Validate

Solution:

Required amount

=2000[1+1/100]^4

=2000×1.04060401

= Rs. 2081.21

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