Question
Download Solution PDFSwara deposited ₹75,000 with a finance company for 3 years at an interest of 12% per annum, compounded annually. What is the compound interest that Swara gets after 3 years?
This question was previously asked in
RPF Constable 2024 Official Paper (Held On 03 Mar, 2025 Shift 1)
Answer (Detailed Solution Below)
Option 4 : ₹30,369.60
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Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹75,000
Rate (r) = 12% per annum
Time (t) = 3 years
Formula used:
Compound Interest (CI) = P(1 + \(\frac{r}{100}\))t - P
Calculations:
CI = 75000(1 + \(\frac{12}{100}\))3 - 75000
⇒ CI = 75000(1 + 0.12)3 - 75000
⇒ CI = 75000(1.12)3 - 75000
⇒ CI = 75000(1.404928) - 75000
⇒ CI = 105369.60 - 75000
⇒ CI = 30369.60
∴ The correct answer is option (4).
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