Exams › SSC CGL (Prelims) › General
What will be the amount to be paid at the end of 3 years on Rs. 6000 at 5% per annum compounded annually?
- 6,845.75
- 7,045.75
- 6,945.75
- 6,955.75
Correct answer: 6,945.75
Solution
For annual compounding, amount after 3 years is \(6000(1.05)^3\). This equals \(6000 \times 1.157625 = 6945.75\). Hence the amount is Rs. 6,945.75.
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