Multiple choice

If the amount after the 6th year is Rs. 1,33,900, what will be the compound interest (in Rs.) for the 7th year on the same amount if rate is 11%?

  1. Rs. 13,489

  2. Rs. 14,839

  3. Rs. 14,729

  4. Rs. 14,754

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

Amount after 6 years = 133,900. Interest for 7th year = 133,900 * 0.11 = 14,729.

AI explanation

The compound interest for the seventh year is calculated on the amount at the end of the sixth year. Using the formula for compound interest for a single year, Interest equals Amount times Rate divided by 100. The interest for the seventh year is 133900 * 11 / 100, which equals 14729. The compound interest for the seventh year is Rs. 14,729.

Keep practicing — related questions