Vidhya lent Rs. 6000 to Kavya for 3 years at the rate of 4% per annum compound interest. Calculate the amount that Vidhya will get after 3 years.
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 6,749.18.
A = P(1 + R/100)n
= 6000(1 + 4/100)3
= 6000 × (26/25)3
= 6000 × 26/25 × 26/25 × 26/25
≈ 6749.18