A man invests Rs. 5000 for 3 years at 5% p.a. compound interest reckoned yearly.

Question

A man invests Rs. 5000 for 3 years at 5% p.a. compound interest reckoned yearly. Income tax at the rate of 20% on the interest earned is deducted at the end of each year. Find the amount at the end of the third year = ?

Options:

A . Rs. 5624.32

B . Rs. 5627.20

C . Rs. 5630.50

D . Rs. 5788.125

Answer: Option A

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