Multiple choice

What will be the compound interest obtained on a principal of Rs.58000 at the rate of 8 p.c.p.a. after 3 years ?

  1. 15063.296

  2. 15603.246

  3. 15043.146

  4. 16062.196

  5. None of these
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

CI = P[(1+r)^n - 1] = 58000[(1+0.08)^3 - 1] = 58000[1.259712 - 1] = 58000×0.259712 = 15063.296. Options B, C, D have calculation errors in the compound interest formula.

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