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What will Rs.1500 amount to in three years if it is invested in 20% p.a. compound interest, interest being compounded annually?
2592
2492
2352
2652
The usual way to find the compound interest is given by the formula A = .p(1+r/100)^n
In this formula,
A is the amount at the end of the period of investment
P is the principal that is invested
r is the rate of interest in % p.a
And n is the number of years for which the principal has been invested.
In this case, it would turn out to be A =1500(1+20/100)3= 2592.
Hence, option 1 is the correct answer.
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