An amount of ₹8,000 is invested at 10% compound interest. What will be the amount after 3 years?
Show answer & explanation
Correct answer: C
Explanation
Given:
Principal (P) = ₹8,000
Rate (R) = 10% per annum
Time (T) = 3 years
By the formula:
A = P(1 + r/100)ᵀ
A = 8,000(1 + 10/100)³
A = 8,000(1.1)³
A = 8,000 × 1.331 = 10,648
Amount = ₹10,648