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Multiple choice

Find the compound interest on Rs. 3000 for 2 months at 4% per month?

  1. $Rs. 204.4$
  2. $Rs. 302.2$
  3. $Rs. 244.8$
  4. $Rs. 272.6$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Using CI formula: A = P(1+r)^n = 3000(1+0.04)² = 3000×1.0816 = 3244.8. CI = 3244.8 - 3000 = Rs. 244.8. The compound interest is Rs. 244.8.

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