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Evaluate the compound interest on Rs. 10101 for 3 years at the rate of 9% per annum compounded annually. 

This question was previously asked in
Bihar STET TGT (English) Official Paper-I (Held On: 05 Sept, 2023 Shift 1)
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  1. 2980
  2. 30000
  3. 10101
  4. 33333

Answer (Detailed Solution Below)

Option 1 : 2980
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Detailed Solution

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Given:

Principal = Rs.10101, Time = 3 years, Rate = 9%

Formula used:

A = P(1 + r/100)n

Calculation:

A  = P(1 + r/100)n 

⇒ A = 10101[(1 + 9/100)3

⇒ A = 10101 × (109/100) × (109/100) × (109/100)

⇒ A = 13081.08

CI = 13081.08 - 10101 = 2980

∴ The answer is 2980.

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