New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Find the total amount returned by Manish to the bank at

    the end of three years, when Rs.24000 is borrowed at the rate of (25/2)% compounded annually?(can calculate the approximate value)
    A Rs.54172 Correct Answer Incorrect Answer
    B Rs.44172 Correct Answer Incorrect Answer
    C Rs.34172 Correct Answer Incorrect Answer
    D Rs.64172 Correct Answer Incorrect Answer
    E none of these Correct Answer Incorrect Answer

    Solution

    ATQ, we can say that Principal = 24000  Rate = (25/2)%  Time = 3 years  Amount formula = P [1 + (R/100)]2  Amount = 24000 x [(112.5/100) x (112.5/100) x (112.5/100)]  = Rs.34171.875 or approximate ~ Rs.34172

    Practice Next

    Relevant for Exams: