A sum of Rs. 28,000 is invested by Vijay at 10% p.a. compound interest for the period of 4 years. How much money (in Rs.) will Vijay receive after 4 years?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e. Rs. 40,994.80.
Amount = P(1 + R/100)n
= 28000(1 + 10/100)4
= 28000 × (11/10)4
= 40994.80