Simple & Compound Interest · Question 21 · Medium
What amount will ₹20,000 grow to in 3 years at 10% per annum compound interest, compounded annually?
- ₹26,620
- ₹26,000
- ₹26,200
- ₹6,620
Answer and explanation
Answer: A. ₹26,620
Explanation: Amount = 20000 × (1.1)³ = 20000 × 1.331 = ₹26,620.
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