Exams › IBPS PO › General Awareness

What is the compound interest on ₹20,000 at 12% per annum for 3 years?

1. ₹7200
2. ₹7500
3. ₹8000
4. ₹8098.56

Correct answer: ₹8098.56

Solution

Compound amount = $20000(1+0.12)^3 = 20000 \times 1.404928 = ₹28,098.56$. Compound interest = amount - principal = ₹28,098.56 - ₹20,000 = ₹8,098.56.

Related IBPS PO General Awareness questions

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