Find the compound interest on ₹8,000 at 10% per annum for 3 years, compounded annually.
A. ₹2,560
B. ₹10,648
C. ₹2,648
D. ₹2,400
A. ₹2,560
B. ₹10,648
C. ₹2,648
D. ₹2,400
Best answer
Answer: C. ₹2,648
Answer: (C) ₹2,648
Amount \(= 8000 \times (1.1)^3 = 8000 \times 1.331 = 10648\).
CI = 10648 − 8000 = ₹2,648. (₹2,400 is the simple interest; ₹10,648 is the amount.)
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