Find the compound interest on ₹ 20,000 for 3 years at 10% per

Question

Find the compound interest on ₹ 20,000 for 3 years at 10% per annum compounded annually.

Options:

A . ₹ 6,620

B . ₹6,000

C . ₹ 26,620

D . ₹26,000

Answer: Option A
:
A

$A = P \times [1 + \frac{r}{100}]^{n}$ , where $P$ is the principal, $r$ is the rate of interest and $n$ is the time period.
C.I = A - P

Here, P = ₹ 20,000, r = 10 %, and n = 3 years

$A = 20, 000 \times [1 + \frac{10}{100}]^{3}$
$A = 20, 000 \times [\frac{11 \times 11 \times 11}{10 \times 10 \times 10}]$
A = ₹ 26,620

So, C.I = 26,620 - 20,000 = ₹ 6,620

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