What would be compound interest (In Rs. ) accrued on an amount of Rs. 7850 at rate of 14 p.c.p.a. in

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6.Interest

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What would be the compound interest (In $Rs.$) accrued on an amount of $Rs. 7850$ at the rate of $14$ $p.c.p.a.$ in $2$ years?

A

$2351.86$

B

$2880.37$

C

$2518.22$

D

$2290.23$

Solution

$CI = P \left[\left(1+\frac{ R }{100}\right)^{2}-1\right]=7850 \times\left[\left(1+\frac{14}{100}\right)^{2}-1\right]$

$=7850 \times\left(\frac{114}{100} \times \frac{114}{100}-1\right)=7850\left[\frac{12996-10000}{10000}\right]$

$=7850 \times \frac{2996}{10000}= Rs .2351 .86$

Standard 13

Quantitative Aptitude

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