Multiple choice

Mr. Mohit deposit Rs. 3000 today in a bank which pays 6% interest compounded annually, How much will the deposit grow to after 6 years?

  1. Rs. 5742

  2. Rs. 4357

  3. Rs. 4242

  4. Rs. 4257
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Using compound interest formula: A = 3000 × (1+0.06)^6 = 3000 × 1.418519 = Rs. 4,255.57, rounded to Rs. 4,257. The deposit nearly doubles in 6 years at 6% compounded annually.

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