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What will be the approximate compound interest on Rs. 101005 at 10% p.a. for 3 years?

Correct Answer: Rs. 3300

Explanation:

Compound interest = P {(1 + r/100)t - 1}
= 10105 { (1 +10/100)3 - 1}
=10105 {(11/10)3 - 1}
=10105 {1331/1000 - 1}
=10105(331/1000)
= 3344.755
= Rs. 3300(app.)


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