What will be the compound interest on a sum of Rs. 25,000 after 3 years at the rate of 12 p.c.p.a.?
Rs. 9000.30
Rs. 9720
Rs. 10123.20
Rs. 10483.20
Explanation:
| Amount | = Rs.$ \left[25000 \times\left(1 +\dfrac{12}{100} \right)^3\right] $ |
| = Rs.$ \left(25000 \times\dfrac{28}{25} \times\dfrac{28}{25} \times\dfrac{28}{25} \right) $ | |
| = Rs. 35123.20 |
$\therefore$ C.I. = Rs. (35123.20 - 25000) = Rs. 10123.20