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Examveda

An amount of Rs 6000 lent at 5% per annum compounded interest for 2 years will become = ?

A. Rs. 600

B. Rs. 6600

C. Rs. 6610

D. Rs. 6615

Answer: Option D

Solution(By Examveda Team)

$$\eqalign{ & {\text{Amount = 6000}}{\left( {1 + \frac{5}{{100}}} \right)^2} \cr & \Rightarrow {\text{Amount = 6000}} \times \frac{{21}}{{20}} \times \frac{{21}}{{20}} \cr & \Rightarrow {\text{Amount = Rs. 6615}} \cr} $$

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