BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You invested your allowance of $270 which gets .15% compounded annually for 3 years in a savings account. How much will you have in 3 years?
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$410.64
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$270.01
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$282.33
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$271.22
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Explanation:
Detailed explanation-1: -It is calculated by multiplying the first principal amount by one and adding the annual interest rate raised to the number of compound periods subtract one. The total initial amount of your loan is then subtracted from the resulting value. P is principal, I is the interest rate, n is the number of compounding periods.
Detailed explanation-2: -= ₹ 18889.20-₹ 15000= ₹ 3889.20.
Detailed explanation-3: -10000 (1+10100)3=Rs. 10000×1110×1110×1110=Rs. 13310C.I.
Detailed explanation-4: -Therefore, compound interest is 3150 Rs.
There is 1 question to complete.